Advanced Enzyme Tech completes acquisition of controlling stake in SciTech Specialties

Advanced Enzyme Technologies Limited on Wednesday has completed the acquisition of controlling stake of 51% in SciTech Specialities Private Limited (SSPL) by way of subscription to the issue of 492,630 equity shares of SSPL and purchase of 27,778 equity shares from few selling shareholders of SSPL, aggregating to 520,408 equity shares i.e. 51% of paid-up share capital of SSPL.

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.