Astec to Sell 45.29% Stake to Godrej Agrovet for Rs 167.41 Crore

New Delhi: Promoters of agro-chemicals and drug intermediates Astec Lifesciences will sell 45.29 per cent stake in the company to Godrej Agrovet Ltd (GAVL) that could entail a consideration of Rs 167.41 crore. 

"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 per cent of the current paid-up equity shares of the company at a price of Rs 190 per share to Godrej Agrovet Ltd," Astec Lifesciences said in a BSE filing. 

Based on information available on BSE, 45.29 per cent of the company's shares amounts to over 88 lakh shares. As on June 2015, its total shares were 1,94,55,055. 

At a price of Rs 190 per share, the transaction value is Rs 167.41 crore.

The company further said, pursuant to the transaction, GAVL will make an open offer to the shareholders of the company under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for which a public announcement will be made by GAVL separately, it added. 

"Depending on the response to the open offer, GAVL may acquire additional shares from the promoters such that GAVL's total holding reaches 50 per cent plus 1 share of the fully diluted share capital of the company after completion of the open offer," Astec Lifesciences said. 

The transaction is subject to various conditions precedent, which include the sale of the equity shares held by the company in its wholly-owned subsidiary, Astec Crop Care Pvt Ltd.