Godrej Agrovet board approves merger of subsidiary

Animal feed company Godrej Agrovet said Friday its board has approved the merger of its subsidiary Astec Lifesciences with the parent firm.

The merger plan approved in the board meeting held Friday is in consideration for equity shares of Godrej Agrovet, the company said in a regulatory filing.

According to the merger plan, Godrej Agrovet will issue 11 fully paid up equity shares of Rs 10 each to Astech shareholders for every 10 fully paid up equity shares held by them in Astec.

The equity shares issued to shareholder pursuant to the merger scheme will be listed on stock exchanges, it said.

The merger scheme will be subject to necessary approvals from the National Company Law Tribunal, Stock Exchanges, Securities and Exchange Board of India.

Shares of Godrej Agrovet gained 1.81 per cent to settle at Rs 587.65 apiece on the BSE.