Astec Lifesciences shares rise 6% after board approves Burjis Godrej as MD
Astec Astec Lifesciences stock rose as much as 5.88 per cent during the day to ₹714.9 per share, the biggest intraday gain since March 24 this year
 "Astec Lifesciences shares rise 6% after board approves Burjis Godrej as MD")
Shares of Astec Lifesciences rose nearly 6 per cent on Tuesday after the board approved the appointment of Burjis Godrej as the managing director for five years, effective April 1, 2025.
Astec Lifesciences stock rose as much as 5.88 per cent during the day to ₹714.9 per share, the biggest intraday gain since March 24 this year. The stock pared gains to trade 3.72 per cent higher at ₹700.4 apiece, compared to a 1.22 per cent advance in Nifty 50 as of 12:18 PM.
Shares of the company have fallen 30 per cent this year, compared to a 1.68 per cent fall in the benchmark Nifty 50. Astec Lifesciences has a total market capitalisation of ₹1,377.21 crore.
In an exchange filing on March 28, the company said that it approved Burjis Godrej as the managing director with effect from April 1, 2025, up to 31st March 2030, without any remuneration payable to him in such a capacity. It further added that Godrej will be a non-independent director of the company in an executive capacity. Burjis Godrej is the son of Nadir Godrej, chairman and non-executive director of Astec Lifescience.
Burjis Godrej is currently the executive director of Godrej Agrovet Limited, the holding company of Astec Lifesciences. His role involves evaluation of products, synergies, technologies, business models, geographies, consultant engagements, customer and supplier relations and capital expenditure (capex) plans.
Astec Lifesciences is a producer of agrochemicals and pharmaceutical intermediates. The company manufactures a wide range of Agrochemical active ingredients and pharmaceutical intermediates.
In May last year, the Adi/Nadir Godrej family, along with other family members/trusts, made an open offer to the shareholders of Astec Lifesciences to acquire an additional 26 per cent stake from the public as part of the family settlement agreement (FSA). As a result of the FSA, the total voting rights of the Adi/Nadir family and Anamudi in GIL will increase to 52.01 per cent. Godrej Industries, in turn, holds a 64.88 per cent stake in Godrej Agrovet (GAVL); a 23.7 per cent stake in Godrej Consumer Products, and a 47.3 per cent stake in Godrej Properties.