Nadir-Adi Godrej family buys stake worth Rs 3,803 cr in Godrej Industries
As part of the family settlement, the Adi-Nadir Godrej family has acquired a 12.65 per cent stake worth Rs 3,803 crore from RKN Enterprises in group flagship Godrej Industries.
As per bulk deals data of the stock exchanges, Nadir Godrej acquired a 7.57 per cent stake worth Rs 2,277 crore at a price of Rs 893 a share. The three children of group patriarch Adi Godrej acquired a 1.69 per cent stake worth Rs 509 crore each in the company. RKN Industries is owned by Rishad Naroaji, a cousin of Adi Godrej. Naroaji is known for keeping a low profile.
Godrej Industries shares closed at Rs 899 a share on Monday.
On May 2 this year, the Godrej family had announced an amicable settlement under which the Adi-Nadir and Jamshyd-Smita families bought each other’s stakes for zero consideration in each other’s companies. Several transactions are expected in Godrej group companies post the family settlement.
While the Adi and Nadir Godrej faction controls Godrej Industries, Godrej Properties, and Godrej Consumer Products, the Jamshyd Godrej family controls the unlisted Godrej and Boyce Mfg.
First Published: Jul 08 2024 | 6:51 PM IST