Sebi’s observation pertains to delayed disclosures regarding changes in shareholding exceeding 2% in the company. The delays occurred during four acquisitions made on February 9, 2017; March 20, 2019; February 28, 2020; and March 27, 2020, with delays ranging from 11 days to 2,725 days.
The regulatory lapses were identified by the market regulator while processing the mandatory open offer in compliance with SAST Regulations following Godrej Agrovet’s indirect acquisition of majority voting rights and control over Astec Lifesciences.
Sebi has advised Godrej Agrovet to exercise caution in the future and warned that any recurrence of such violations would attract stricter enforcement actions under the SEBI Act, 1992, and related regulations.
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Godrej Agrovet informed about the development after market hours today while claiming that there is no material impact on the financial operations or other activities of the company due to administrative warning.Shares of Godrej Agrovet today ended at Rs 713.50 on the NSE, down by Rs 2.30 or 0.32% over the Friday closing price.Shares of Godrej Agrovet have been market laggards, falling 8% in the past one year. The stock is currently trading below its 50-day and 200-day simple moving averages (SMAs) of Rs 768 and Rs 755, respectively according to the Trendlyne data.
The company is into agri-businesses like animal feed, edible oil, crop protection, dairy products and poultry.
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