Godrej Agrovet acquires dairy bio-tech company Maxximilk

Agribusiness company Godrej Agrovet acquired 51 per cent of the total paid-up capital in the bio technologies company Maxximilk through preferential issue on Thursday, making Maxximilk a subsidiary of the company.

Maxximilk specialises in in-vitro production of high quality embryos-for transfer and aids dairy farmers to increase their yield by a significant proportion. The acquisition will enable Godrej Agrovet to foray deeper into dairy bio-technologies.

Following the development, Godrej Agrovet surged higher by nearly 2 per cent on the bourses to Rs. 608.95 per share on BSE. The stock had hit its 52-week high of Rs. 635 per share on January 10, 2018 and its 52-week low of Rs. 524 per share on November 16, 2017 on BSE, respectively.

Godrej Agrovet made its stock market debut in October 2017 with an issue price of Rs. 460 per share. The stock has surged by over 30 per cent till now against its issue price.

Godrej Agrovet posted a hike of 26.53 per cent in its net profit to Rs. 75.31 crore for the second quarter of fiscal year 2018 on a yearly basis. The company’s acquisition of the numerous dairy businesses over the past one year has helped it boost its revenues and profits.