Submission of outcome of Board meeting.
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Awaiting price reaction for this filing.
The Board of Astal Laboratories (formerly Macro International) approved the acquisition of 100% of Sriven Pharmachem India Private Limited (SPIPL), a Hyderabad-based drug intermediates and specialty chemicals maker. SPIPL reported FY25 turnover of about Rs. 102.7 crore with net profit of Rs. 69.9 lakh. The deal is structured as a 1:1 share swap valued at Rs. 277.17 crore, where Astal will issue and allot 3,04,58,187 equity shares at Rs. 91 each (Rs. 10 face value + Rs. 81 premium) to 135 SPIPL shareholders as non-cash consideration. To facilitate the issue, the Board approved raising the authorised share capital from Rs. 20 crore to Rs. 50 crore. The acquisition is not classified as a related-party transaction, though one Astal director is a shareholder in SPIPL. An EGM is scheduled for 6th November 2025 to seek shareholder approval, with 30th October 2025 set as the e-voting cut-off date.
This is a major, fully paper-based acquisition that will significantly dilute existing shareholders (over 3 crore new shares being issued) and makes SPIPL a wholly-owned subsidiary. While it expands Astal into pharmaceutical manufacturing with real revenue (Rs. 100+ crore turnover), the thin profit margins at SPIPL relative to the Rs. 277 crore swap value and the resulting equity dilution may concern current investors until integration synergies are demonstrated.