Stocks

Advanced Enzyme gains on SSPL stake buy

Our Bureau Chennai | Updated on December 28, 2020

The stock of Advanced Enzyme Technologies zoomed 4 per cent in early trade on Monday, but has since surrendered most of its gains on profit booking.

The stock opened at Rs 336.90 on the BSE and further rose to a high of Rs 339.10. This comes after its board on December 26 approved investments of Rs 31.626 crore in SciTech Specialties Pvt Ltd for a 51 per cent stake.

Advanced Enzyme will subscribe 4.926 lakh shares via preferential issue and purchase 27,778 from selling shareholders of SSPL, aggregating to 5.20 lakh shares.

SciTech Specialties Pvt Ltd is a contract manufacturing company with niche technology specialising in effervescent granules and tablets.

SSPL is focused on animal health, pharma and nutraceutical. The company manufactures effervescent products with aqueous granulation technology. It has two manufacturing facilities for nutraceuticals and pharmaceuticals. Regulatory approvals include those from FSSAI, WHO cGMP and other accreditation from international agencies such as Codex, FSMP and GSFS.

According to Advanced Enzyme, the acquisition synergises and fits in with its move to expand its B2C business.

Shares of Advanced Enzyme are currently (10.30 am) trading at Rs 330.50 on the BSE against the previous day's close of Rs 325.10.

Published on December 28, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like