New Delhi, Jul 15 (PTI) The families of Jamshyd Naoroji Godrej and Smita Godrej Crishna bought a 1.11 per cent stake in Godrej Consumer Products for Rs 1,645 crore as part of the Godrej family settlement plan announced in April.
Jamshyd N Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Freyan Crishna Bieri and Nyrika Holkar acquired 1,13,92,858 shares, amounting to a 1.11 per cent stake in Godrej Consumer Products, as per block deal data on the National Stock Exchange (NSE).
The shares were picked up at an average price of Rs 1,443.90 apiece, taking the transaction value to Rs 1,645.01 crore.
Meanwhile, promoter group entity Rishad Naoroji’s RKN Enterprises sold the same number of shares at the same price.
At the end of the March quarter, RKN Enterprises held a 1.31 per cent stake in Godrej Consumer Products Ltd (GCPL), shareholding data on the BSE showed.
Shares of Godrej Consumer Products fell 0.30 per cent to close at Rs 1,439.60 per piece on the NSE.
Earlier, Godrej Consumer Products announced that its promoters Jamshyd N Godrej, Navroze J Godrej, Smita Godrej Crishna, Nyrika Holkar and Freyan Crishna Bieri will acquire a 1.11 per cent stake in GCPL from RKN Enterprises.
Last week, the families of Jamshyd N Godrej and his sister Smita Godrej Crishna acquired a 2.16 per cent stake in Godrej Agrovet and picked up a 1.43 per cent stake in Godrej Properties for Rs 1,652 crore, respectively.
In April, the founding family of 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, has reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.
The former will lead Godrej Industries Group, comprising listed companies, including Godrej Industries Ltd, Godrej Consumer Products Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd and Astec Lifesciences Ltd. 75-year-old Jamshyd Godrej will lead Godrej Enterprises, which comprises Godrej & Boyce Manufacturing Co. with presence in many sectors like aerospace, aviation, defence, energy, construction, IT and software, while his niece Nyrika Holkar will be the executive director.
While both groups will continue to use the Godrej brand name, the two have signed a six-year non-compete pact that will restrict them from entering each other’s domain.
After the expiry of the non-compete period, they can venture into other’s domain but can not use the Godrej name for that.
The split has been done through the transfer of shares and not value.
Adi and Nadir Godrej will divest their stakes in Godrej & Boyce to the other branch. Jamshyd Godrej and his side of the family will transfer interests in GCPL and Godrej Properties to their cousins through a family arrangement.
To enable the split, the two sides quit the boards of companies in rival camps. So, Adi and Nadir Godrej resigned from the Godrej & Boyce Board, while Jamshyd Godrej left his seat on the boards of GCPL and Godrej Properties.
Nadir Godrej, 73, will serve as chairperson of Godrej Industries Group (GIG). Adi Godrej’s son Pirojsha Godrej will be named chairperson of GIG, succeeding Nadir Godrej in August 2026. PTI HG HG BAL BAL
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