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Adi Godrej and family makes open offer to acquire 26% stake in Astec Lifesciences
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The Adi Godrej faction of the Godrej Group led by brother Nadir Godrej, Tanya Dubash, Nisaba Godrej and Pirojsha Godrej have announced an open offer to acquire up to 50.99 lakh equity shares of Astec Lifesciences Ltd., according to an exchange filing. The number of shares proposed to be acquired is equivalent to a 26% …
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The Adi Godrej faction of the Godrej Group led by brother Nadir Godrej, Tanya Dubash, Nisaba Godrej and Pirojsha Godrej have announced an open offer to acquire up to 50.99 lakh equity shares of Astec Lifesciences Ltd., according to an exchange filing.
The number of shares proposed to be acquired is equivalent to a 26% stake in the company.
Price for the Open Offer has been fixed at ₹1,069.75 per equity share, which is a 17% discount to Astec Life’s closing price on Tuesday. At the open offer price, the total consideration to acquire the 26% stake amounts to ₹545 crore.
The open offer has been triggered under the SEBI regulations post the Godrej Family settlement announced on Tuesday evening and is not subject to any minimum level of acceptance.
Adi Godrej and his brother Nadir Godrej have retained control over Godrej Industries and its listed entities, while cousins Jamshyd and Smita will have control of the unlisted Godrej & Boyce along with its affiliates and a substantial land bank, including a prime property in Mumbai.
Astec Lifesciences is a subsidiary of Godrej Agrovet, which owns a 64.76% stake in the company. Godrej Industries holds a 64.76% stake in Godrej Agrovet.
Further, as part of the settlement, the Adi Godrej faction will also acquire a 20.84% stake in Godrej industries from the Jamshyd Godrej faction. The acquirers also plan to acquire another 12.65% stake in Godrej Industries from RKN Enterprises, another promoter group entity. Post this, the total voting rights of the acquirers and Anamudi in Godrej Industries may become 64.66%.
Shares of Astec Lifesciences ended 4.5% higher on Tuesday ahead of the settlement announcement. The stock is down 5% over the last 12 months but has gained 20% so far in 2024, most of which has come in the last one month itself.
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