Temasek-backed Godrej Agrovet drops plans to merge Astec Lifesciences with itself

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Godrej Agrovet Ltd. on Monday mentioned it has scrapped plans to merge its entity Astec Lifesciences Ltd. with itself.

Godrej Agrovet, in a stock-exchange submitting, mentioned the board, after holding discussions with Estec and a number of other stakeholders within the firm, determined to not go forward with the plan presently. Astec submitted an analogous submitting to the inventory exchanges.

Godrej Agrovet and Astec had introduced the merger plan in September final 12 months. The aim of the proposed all-stock transaction was to simplify the administration construction and optimize the usage of assets, he mentioned on the time.

The promoter stake in Godrej Agrovet stood at 68.95% on the finish of March. Singapore state funding agency Temasek, which backed Godrej Agrovet almost six years in the past, holds a 12.87% stake in Godrej Agrovet.

Godrej Agrovet, an agri-business subsidiary of Godrej Industries Restricted, has operations in 5 enterprise verticals. These embody animal feed, crop safety, oil palm, dairy, and poultry and processed meals.

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