The Adi and Nadir Godrej family and trusts have made an open offer to acquire an additional 26% stake in Astec Lifesciences, as part of the family settlement.
The open offer for Astec Lifesciences is for up to 5.09 million shares at a price of Rs 1,069.75 per share, totalling Rs 545.47 crore. The open offer, on full acceptance, will cost Rs 545 crore to the Adi/Nadir family, said a regulatory update.
The offer was triggered from the Adi/Nadir family’s plan to acquire 20.84% stake in Godrej Industries from the Jamshyd Godrej/Smita Crishna Godrej family.
Following the settlement deal, the total voting rights of the Adi/Nadir family and Anamudi in Godrej Industries will increase to 52.01%. Godrej Industries holds a 64.88% stake in Godrej Agrovet, a 23.7% stake in Godrej Consumer Products and 47.3% in Godrej Properties.