Exciting news from the financial world! The Godrej Industries group, led by Adi and Nadir Godrej, is set to make a major acquisition. They are acquiring a 13% stake in Godrej Industries from RKN Enterprises, a company owned by their cousins Rishad Naoroji and Jamshyd Godrej. This strategic move will cost approximately Rs 4,568 crore.
According to the regulatory filing, the acquirers will purchase RKN’s shares at a price not exceeding 25% of the average 60-day market price of Rs 858 per share. With Godrej Industries’ stock closing at Rs 898 apiece on Tuesday, this acquisition marks a significant development in the group’s ownership structure.
The purchase will result in an increase in Adi and Nadir’s stake in the GIL Group’s holding company from 31% to 44%. Adi’s children, Tanya, Nisaba, and Pirojsha, will individually acquire approximately 2% of Godrej Industries from RKN Enterprises, while Nadir will purchase an 8% stake in the company from the same entity.
Post-transaction, Nadir will hold the largest single block with a 12% stake in Godrej Industries. This acquisition is part of a business separation agreement between Adi-Nadir and Jamshyd Godrej and his sister Smita Crishna. As per this agreement, Adi-Nadir will gain ownership of eight entities, including Godrej Consumer Products and Godrej Agrovet, among others.
On the other hand, Jamshyd-Smita will receive four companies, such as Godrej & Boyce Manufacturing and Godrej Infotech. This deal follows Adi-Nadir’s earlier announcement of their intention to acquire a 21% stake in Godrej Industries from Jamshyd-Smita. Notably, Godrej Industries holds a stake in all the listed companies of the GIL Group.
