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MUMBAI:
Godrej Industries
group, controlled by Adi Godrej and his younger brother Nadir Godrej, is
acquiring
a 13%
stake
in Godrej Industries from
RKN Enterprises
, a company owned by their cousins Rishad Naoroji and Jamshyd Godrej.
The 13% stake will cost around Rs 4,568 crore. In a regulatory filing, Godrej Industries said the acquirers will buy RKN’s share in the company for not more than 25% of the average 60-day market price of Rs 858 apiece.
On Tuesday, Godrej Industries’ stock closed at Rs 898 apiece, up 1.34% on the BSE.
The
share-purchase
will increase Adi and Nadir’s stake in the holding company of the GIL Group to 44% from 31%.
Adi’s three children, Tanya, Nisaba and Pirojsha, will buy about 2% each of Godrej Industries from RKN Enterprises, while Nadir will buy 8% of the company from RKN Enterprises.
Once the transaction is concluded, Nadir will hold the single largest block of 12% in Godrej Industries. The share-purchase is part of the business separation agreement inked between
Adi-Nadir
and Jamshyd and his sister Smita Crishna. According to the business settlement deed, Adi-Nadir will receive eight entities including Godrej Industries, Godrej Consumer Products, Godrej Properties and Godrej Agrovet.
Jamshyd-Smita will receive four companies including Godrej & Boyce Manufacturing and Godrej Infotech. In April, Adi-Nadir had announced their intention to buy 21% of Godrej Industries from Jamshyd-Smita following the business settlement agreement. Godrej Industries owns a stake in all the listed companies of the GIL group.
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