MUMBAI: As part of the family division announced in early May, the Adi-Nadir Godrej faction agreed to buy out the 12.65 percent stake in Godrej Industries via block deals from RKN Enterprises which is owned by Rishad Naoroji, a cousin of Adi Godrej. The 12.65 percent stake is worth Rs 3,858 crore as of Tuesday, raising their stake in the group flagship.
According to a statement to the stock exchanges on Tuesday, the group said the transaction will be completed through block deals and the 12.65 percent stake is worth Rs 3,858 crore. But they have not announced a deal price.
Godrej Industries closed at Rs 900.55, up 1.65 percent, on Tuesday on the BSE.
On May 2, the Godrej family announced a settlement—which many hailed as the most amicable family division that India Inc has seen, under 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 controls Godrej Industries, Godrej Properties and Godrej Consumer Products, the Jamshyd Godrej family controls unlisted Godrej and Boyce Mfg.
According to the plan, the Adi-Nadir family will acquire an additional 20.84 percent shares in Godrej Industries from the Jamshyd-Smita family. Post this deal, the Adi-Nadir family will own 52.01 percent in Godrej Industries, the holding company of the other Godrej-listed entities.