Astec Lifesciences rallies on open offer by Godrej Agrovet

Godrej Agrovet entered into a share purchase agreement with Astec Lifesciences to buy 45.29% stake at a price of Rs 190 per share.

Astec Lifesciences has rallied 9% to Rs 263 on the BSE, after Godrej Agrovet made an open offer to public shareholders to acquire an additional 26.05% stake at a price of Rs 246.60 per share.

Meanwhile, Godrej Agrovet, subsidiary of Godrej Industries, has entered into a share purchase agreement with Astec Lifesciences to buy 45.29% stake of the latter at a price of Rs 190 per share.

“The board of directors of the company has approved execution of a share purchase agreement, whereby the promoters of the company have agreed to sell 45.29% of the current paid-up equity shares of the company at a price of Rs 190 per share to Godrej Agrovet Limited,” Astec Lifesciences said in a statement.

Depending on the response to the open offer, Godrej Agrovet may acquire additional shares from the promoters such that Godrej Agrovet’s total holding reaches 50% plus one share of the fully diluted share capital of the company after completion of the open offer, the company added.

At 10:23 AM, the stock was up 7% at Rs 258 on the BSE. The trading volumes on the counter jumped more than three-fold, with a combined 862,272 shares changing hands on the BSE and NSE.