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Godrej Agrovet, subsidiary of Godrej Industries, has made a voluntary open offer to public shareholders of Astec Lifesciences at Rs 246.60 a share. It plans to mop up 50.67 lakh shares, constituting 26.05 per cent of the paid-up capital of the latter.
The open offer follows its share purchase agreement with the promoters of Astec LifeSciences to buy 45.29 per cent stake.
Godrej Agrovet has offered Rs 190 a share to Astec LifeSciences promoters, both the companies said in a disclosure to the exchanges on Saturday.
Currently, promoters control 55.29 per cent stake in Ateck LifeSciences.
Godrej Agrovet will also acquire Astec LifeSciences’ wholly owned subsidiary Astec Corp Care Pvt Ltd.
Following the deal, Godrej Agrovet will make a mandatory open offer to the shareholders of Astec LifeSciences.
Godrej group may buy additional stake from the promoters if it fails to gain majority control in Asteck LifeSciences through the open offer.
Shares of Astec LifeSciences jumped to a high of Rs 262 on the BSE and was currently ruling at Rs 257, up 6.8 per cent. Godrej Industries stock gained 1.2 per cent at Rs 372.
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