The Godrej conglomerate, led by Adi Godrej and Nadir Godrej, is planning to make an open offer to Astec LifeSciences Ltd.'s shareholders for a strategic restructuring move, according to an exchange filing late on Tuesday. The move comes after the group outlined a new ownership landscape within the Godrej conglomerate, with the $5.7 billion sprawling empire splitting into two.
Adi Godrej and his brother, Nadir Godrej, is slated to assume the role of chairperson for the Godrej Industries Group, comprising the listed entities Godrej Industries Ltd., Godrej Consumer Products Ltd., Godrej Properties Ltd., Godrej Agrovet Ltd., and Astec Lifesciences Ltd., while cousins Jamshyd and Smita Godrej will receive ownership of the unlisted Godrej & Boyce Manufacturing. Co., alongside its affiliates and a substantial land bank.
Godrej Industries indirectly holds shares in Astec LifeSciences, a subsidiary of Godrej Agrovet. A sizeable 64.8% stake in the contract development and manufacturer of chemicals is held by Godrej Agrovet, which is owned by Godrej Industries. The substantial stake solidifies the intricate web of interlocking interests within the conglomerate.
Shares of Astec LifeSciences had closed 4.4% higher at Rs 1,284.40 apiece on the NSE on Tuesday, compared to a 0.17% decline in the benchmark Nifty 50. The company's market capitalisation stands at Rs 2,518.6 crore.
The company had reported a revenue of Rs 641.2 crore and a profit of Rs 25.5 crore in financial year 2023. It is yet to announce the results for the last financial year.
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