Moneycontrol
Last Updated : Sep 14, 2018 03:28 PM IST | Source: Moneycontrol.com

Astec Lifesciences gains 12% on merger of Co with Godrej Agrovet

The proposed amalgamation would be carried out vide a scheme of amalgamation of Astec LifeSciences with Godrej Agrovet and their respective Shareholders.

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Shares of Astec Lifesciences gained 12 percent intraday Friday as company approved merger with Godrej Agrovet.

The board in its meeting held on September 14 considered and approved the amalgamation of Astec LifeSciences with Godrej Agrovet (GAVL) in consideration for equity shares of GAVL.

The proposed amalgamation would be carried out vide a scheme of amalgamation of Astec LifeSciences with Godrej Agrovet and their respective Shareholders.

GAVL will issue and allot 11 fully paid up equity shares of Rs 10 each to the equity shareholders of Astec as on record date, for every 10 fully paid up equity shares of Rs 10 each held by them in Astec.

The scheme would be subject to approval of the National Company Law Tribunal (Mumbai Bench), Stock Exchanges, Securities and Exchange Board of India (SEBI) and various statutory approvals, shareholders and lenders/creditors of each of the companies.

At 15:20 hrs Astec Lifesciences was quoting at Rs 612.80, up 3.72 percent and Godrej Agrovet was quoting at Rs 587.45, up 1.78 percent on the BSE.

Posted by Rakesh Patil
First Published on Sep 14, 2018 03:28 pm
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