Tea producer Asian Tea & Exports today said it plans to acquire the entire stake in Greenol Laboratories Pvt Ltd for Rs 4.90 crore.
The board has "considered the acquisition of 100 per cent equity shares of Greenol Laboratories," Asian Tea & Exports said in a filing to the Bombay Stock Exchange (BSE).
Asian Tea would acquire 98 lakh shares of Greenol Lab at a price of Rs 50 a piece, it said.
"Consequent to such acquisition Greenol Laboratories shall be considered as wholly-owned subsidiary of the company," it added.
Shares of Asian Tea & Exports today closed at Rs 31.75, down 3.35 per cent from its previous close on BSE.
