The Adi-Nadir Godrej faction has agreed to buy out the 12.65 percent stake estimated at Rs 3858 crore in Godrej Industries via block deals from RKN Enterprises which is owned by Rishad Naoroji, a cousin of Adi Godrej. The move is part of a family settlement agreement announced by the Godrej family in early May this year. Godrej Industries closed marginally up around 1.6% at Rs 900.55 on the BSE on Tuesday.
In a statement to the stock exchange, the group said the transaction will be completed through block deals and the 12.65 percent stake is worth Rs 3,858 crore.
The Godrej family announced a settlement—according to which the Adi-Nadir and Jamshyd-Smita families would buy out each other’s stakes for zero consideration in each other’s companies. While the Adi and Nadir Godrej faction now known as Godrej Industries Group (GIG) controls Godrej Industries, Godrej Properties and Godrej Consumer Products, the Jamshyd Godrej family now Godrej Enterprises Group (GEG) controls unlisted Godrej and Boyce Mfg.
Source: Economic Times