Kaveri Seed to buy stake in Genome Agritech

The board of Kaveri Seed Company has passed a resolution to apply for allotment of 91,800 equity shares of ₹10 each of Genome Agritech Private Ltd (GAPL). Following this, Kaveri Seed Company will hold 51 per cent of the paid-up capital of GAPL, a research-based company whose product profile matches Kaveri Seed’s. The acquisition will cost Kaveri Seed ₹30.29 lakh. The stock on Tuesday closed at ₹470.6, down 0.5 per cent.