RKN Enterprises, owned by Adi Godrej's cousin Rishad Naoroji, offloaded most of its equity in Godrej Consumer Products Ltd. via open market transactions on Monday.
The promoter entity sold 1.13 crore shares, representing 1.11% equity, for Rs 1,645 crore. RKN Enterprises had a shareholding of 1.31% in the Cinthol soapmaker as of March.
The buyers include Jamshyd Naoroji Godrej (0.27%), Navroze Jamshyd Godrej (0.27%), Freyan Crishna Bieri (0.18%), Nyrika Holkar (0.18%) and Smita Godrej Crishna (0.18%).
The shares were traded at an average price of Rs 1,443.9 apiece.
Earlier this month, other promoter entities, BNG Successor Trust, HNG Family Trust and SNG Successor Trust collectively sold 30.57 lakh shares worth Rs 418 crore via open market deals. The stake was acquired by Godrej Seeds and Genetics Ltd.
Nadir Godrej, Hormazd Godrej and Rati Godrej were the trustees of the three trusts, which collectively owned 0.29% of the of the equity that was offloaded.
Two months ago, the Godrej family, which is at the helm of a $5.7 billion sprawling empire, reached an amicable agreement to divide the group into two—a rare occurrence in the increasingly contentious world of family business splits.
Adi Godrej—the head of the family—and his brother Nadir Godrej will retain control of the five listed companies of the Godrej Group with interests in consumer goods, real estate, agriculture, chemicals, and gourmet retail.
The cousins, Jamshyd and Smita, will receive the unlisted Godrej and Boyce Mfg. Co., along with its affiliates and a vast land bank. Nyrika Holkar and Pirojsha Godrej have risen as the key next-generation leaders of the two businesses.
The plans received the green light from the Competition Commission of India in June.
Shares of Godrej Consumer Products closed 0.56% lower at Rs 1,436.05 apiece, as compared to a 0.18% advance in the BSE Sensex.
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