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Astec Life falls 5% as company calls off merger with Godrej Agrovet
In September 2018, Godrej Agrovet and Astec had approved a draft scheme of amalgamation.
Astec Lifesciences shares fell 4.8 percent intraday on May 7 after the company decided not to pursue a merger with Godrej Agrovet.
The stock was trading at Rs 509.25, down 3.22 percent on the BSE, at 11:27 hours IST. Godrej Agrovet was up 0.29 percent at Rs 517.05.
The company (Astec Lifesciences), at its board meeting on May 6, reviewed the proposal and decided not to pursue the scheme of amalgamation, on the basis of its interaction with multiple stakeholders across the company and Godrej Agrovet
In September 2018, Godrej Agrovet and Astec had approved a draft scheme of amalgamation.
The proposed scheme was aimed at ensuring a streamlined group structure; reducing the multiplicity of legal and regulatory compliances; and simplification of the management structure processes.
Godrej Agrovet holds 57.39 percent stake in Astec that primarily involves manufacturing of active ingredients and intermediates for agrochemicals.
Promoter has 68.95 percent shareholding in Godrej Agrovet by end of March 2019 and Singapore state investment firm Temasek holds 12.87 percent stake in the same.
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