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Agro-chemicals and drug intermediates firm Astec Lifesciences today said its board has approved the transfer of over 88 lakh shares, held by promoters of the company, to Godrej Agrovet Ltd.
The board of directors of the company has approved, “the transfer of 88,11,474 equity shares of the company held by the existing promoters of the company to Godrej Agrovet Ltd, the incoming promoter,” Astec Lifescinces said in a filing to BSE.
The share transfer is as per the deal announced in August that could entail a consideration of Rs 167.41 crore.
Astec further said its board has also approved the appointment of N B Godrej and Balram Yadav as additional directors of the company with immediate effect.
Astec Lifesciences had said in August that its board had approved “execution of a share purchase agreement, whereby the promoters of the company have agreed to sell 45.29 per cent of the current paid-up equity shares of the company at a price of Rs 190 per share to Godrej Agrovet’’.
Based on information available on the BSE, 45.29 per cent of the company’s shares amounts to over 88 lakh shares. As on June 2015, its total shares stood at 1,94,55,055.
Astec stock closed at Rs 240.40, up 0.17 per cent, on the BSE.
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