Submission of intimation of acquision.
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Astal Laboratories Limited (formerly Macro International Limited) has announced the acquisition of 100% equity shares of Sriven Pharmachem India Private Limited (SPIPL), a pharmaceutical company making drug intermediates, specialty chemicals, and APIs. The deal is valued at approximately Rs. 277.17 crore and will be discharged entirely through a share swap at a 1:1 ratio, with Astal issuing 3,04,58,187 fresh equity shares on a preferential basis to SPIPL's shareholders. SPIPL reported FY25 turnover of Rs. 102.7 crore (up from Rs. 35.85 crore in FY23) but net profit of just Rs. 69.9 lakh, indicating thin margins. The acquisition is not classified as a related party transaction by the company, though one Astal director is a shareholder and proposed allottee in SPIPL. Completion is expected within 15 days of shareholder approval or BSE in-principle approval, whichever is later.
The deal will meaningfully scale up Astal's pharma business and revenue base, but the all-stock structure means existing Astal shareholders will face significant dilution from over 3 crore new shares being issued. Investors should watch for the shareholder vote outcome and whether SEBI takeover code open offer obligations are triggered.