Godrej Consumer Products' Promoters Exchange Shares Worth Rs 418 Crore
Godrej Seeds & Genetics Ltd. acquired the 30.57 lakh shares at Rs 1,367.05 apiece.
Promoter entities of Godrej Consumer Products Ltd. exchanged shares worth Rs 418 crore via open market deals on Thursday. BNG Successor Trust, HNG Family Trust and SNG Successor Trust collectively sold 30.57 lakh shares for Rs 1,367.05 apiece, as per bulk deal data on BSE.
Godrej Seeds & Genetics Ltd. acquired the 30.57 lakh shares at the same price. The firm owned 27.42% stake in the Cinthol soap-maker as of March 2024. Godrej Seeds and Genetics is one of the holding companies of the larger Godrej Group. Apart from being a holding company, it is involved in trading of hybrid seeds such as corn and mustard, among others.
Nadir Godrej, Hormazd Godrej and Rati Godrej are the trustees of the three trusts which collectively owned 0.29% 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 & 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 greenlight from the Competition Commission of India in June.
Shares of Godrej Consumer Products closed 0.25% lower at Rs 1,363.65 apiece, compared to a flat BSE Sensex.
