Accordingly, SSPL has become subsidiary (51%) of the company effective from January 11, 2021.
The Board of Directors in its meeting held on December 26, 2020 had approved the investment of an amount not exceeding Rs316.26 million for such acquisition.
“SSPL is a contract manufacturing company with niche technology specializing in effervescent granules and tablets. Formed in 2007, SSPL is focused in animal health, pharma and nutraceutical. SSPL manufactures effervescent products with aqueous granulation technology,” company said in a regulatory filing on Wednesday.
Advanced Enzyme Technologies Ltd ended at Rs324.95 per piece down by Rs4.55 or 1.38% on the BSE.