The Board of directors of the company, considered and approved the amalgamation of Astec LifeSciences Limited ('Astec') with Godrej Agrovet Limited ('GAVL') in consideration for Equity Shares of GAVL. The proposed amalgamation would be carried out vide a Scheme of Amalgamation of Astec LifeSciences Limited with Godrej Agrovet Limited and their respective Shareholders ('the Scheme') under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013.
In consideration for the amalgamation of Astec with GAVL, in terms of the Scheme and based on share entitlement ratio report issued by M/s. Walker Chandiok & Co. LLP, Independent Chartered Accountants and fairness opinion provided by Karvy Investor Services Limited , a Category-I Merchant Banker, GAVL will issue and allot 11 (Eleven) fully paid up equity shares of Rs. 10 /- each to the Equity Shareholders of Astec as on Record Date, for every 10 (Ten) fully paid up equity shares of Rs. 10/- each held by them in Astec.
The Equity Shares of GAVL to be issued to the Shareholders of Astec pursuant to the Scheme shall be listed on the BSE Limited and the National Stock Exchange of India Limited ('Stock Exchanges') (subject to trading permission being granted by the Stock Exchanges). 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, as may be directed by the Hon'ble National Company Law Tribunal. The Scheme would also require approval from majority of the public Shareholders as per SEBI Circular Ref. No. CFD/DIL3/CIR/2017/21 dated 10th March, 2017.
Shares of ASTEC LIFESCIENCES LIMITED was last trading in BSE at Rs.621.65 as compared to the previous close of Rs. 590.8. The total number of shares traded during the day was 31082 in over 1339 trades.
The stock hit an intraday high of Rs. 662 and intraday low of 588.7. The net turnover during the day was Rs. 19182528.