Godrej Agrovet, the animal feed company on Friday has informed that its board approved the merger of its subsidiary Astec Lifesciences with the parent firm.
The board approved a merger plan during a meeting held on Friday. The merger will be completed by transfer of equity shares of Godrej Agrovet, said the company in a regulatory filing.
According to the merger plan, Godrej Agrovet will issue 11 fully paid up equity shares of Rs 10 each to Astech shareholders for every 10 fully paid up equity shares held by them in Astec.
The equity shares issued to shareholder pursuant to the merger scheme will be listed on stock exchanges, it said.
The merger scheme will be subject to necessary approvals from the National Company Law Tribunal, Stock Exchanges, Securities and Exchange Board of India.