Godrej Agrovet to acquire Astec Lifesciences
Indian agricultural input company Godrej Agrovet is to acquire a majority stake in Indian agrochemicals company Astec Lifesciences. The acquisition would be through buying 45.29% shares held by Astec promoters at a price of Rs 190 ($2.92) per share. Godrej has also made an open offer to acquire 26.05% of Astec’s equity shares at a price of Rs 246.60 ($3.79) per share. Depending on the response to the open offer, Godrej may acquire additional shares from the promoters such that its total holding reaches 50% plus one share of the fully diluted share capital of Astec after completion of the open offer.