Adi-Nadir Family Buys Over 12% Stake In Godrej Industries For Rs 3,800 Crore
RKN Enterprises sold 4.25 crore shares for Rs 893.05 apiece, as per block deal data on the BSE.
Promoter entities of Godrej Industries Ltd. exchanged shares worth Rs 3,800 crore via open market deals on Monday. RKN Enterprises sold 4.25 crore shares for Rs 893.05 apiece, as per block deal data on the BSE. The aggregate deal value stands at Rs 3,800 crore.
Nisaba Godrej, Tanya Dubash and Pirojsha Adi Godrej acquired 56.94 lakh shares, representing 1.69% equity each, for Rs 508 crore. Nadir Burjor Godrej bought 2.54 crore shares, or 7.58% equity, for Rs 2,277 crore.
RKN Enterprises is owned by Rishad Naroaji, a cousin of Adi Godrej.
The total promoter shareholding in the company stood at 67.16% as of March. Nisaba Godrej, Tanya Dubash and Pirojsha Adi Godrej had 0.22% shareholding each, while Nadir Godrej had 3.95%.
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 & 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 Industries closed 0.82% higher at Rs 899.95 apiece, as compared to a flat BSE Sensex.
