Godrej Agrovet Limited (BSE:540743) agreed to acquire remaining 42.61% stake in Astec LifeSciences Limited (NSEI:ASTEC) for INR 5.3 billion on September 14, 2018. Under the terms of the transaction, Godrej Agrovet Limited will issue 11 shares for every 10 shares of Astec LifeSciences Limited. As a result of the transaction, Astec LifeSciences Limited will amalgamated and dissolved into Godrej Agrovet Limited. The transaction is subject to approval from National Company Law Tribunal (Mumbai Bench), Stock Exchanges, Securities and Exchange Board of India, and various Statutory approvals, shareholders and lenders/creditors approvals as may be directed by the National Company Law Tribunal, and approval from majority of public shareholders. The transaction has been approved by the Board of Godrej Agrovet Limited and Astec LifeSciences Limited. Walker Chandiok & Co. LLP provided entitlement ratio report and Karvy Investor Services Limited provided fairness opinion in the transaction.

Godrej Agrovet Limited (BSE:540743) cancelled the acquisition of remaining 42.61% stake in Astec LifeSciences Limited (NSEI:ASTEC) on May 6, 2019. Astec LifeSciences and Godrej Agrovet Limited held its Board meeting and reviewed the proposal and decided not to pursue the scheme further at this time, on the basis of its interaction with multiple stakeholders across Astec LifeSciences and Godrej Agrovet Limited.