Outcome of board meeting of Advanced Enzyme Technologies

Held on 11 November 2022

The Board of Advanced Enzyme Technologies at its meeting held on 11 November 2022 has approved the acquisition of 50% stake of SAIGANESH ENZYTECH SOLUTIONS (CIN: U01100MP2022PTC063261) [SESPL] by way of subscription to the issue of upto 19,991,663 equity shares as may be offered on private placement/preferential issue basis by SESPL at a total consideration not exceeding Rs. 6 crore.

The Board also approved the acquisition of an additional stake of upto 4.83% of JC Biotech (existing 85% subsidiary) [JC Biotech] by way of purchase of upto 1,000,000 equity shares from one of the existing shareholder of JC Biotech at a total consideration not exceeding Rs. 6.8 crore.

The Board approved the conversion of loan including interest, as was earlier granted by the Company to Advanced Enzymes Europe B.V., Netherlands, an existing wholly owned subsidiary of the Company [AEE] into equity shares of AEE (further acquisition of equity shares in AEE).

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