Adi-Nadir Godrej Group will buy 12.65% stake in Godrej Industries from RKN Enterprises through a block deal under the family settlement. This will increase the stake of Adi-Nadir Godrej Group in the flagship company. The company informed about this in the stock exchange. Adi Godrej’s cousin Rishad Naroji is the owner of RKN Enterprises. As of Tuesday, his 12.65% stake is worth Rs 3,858 crore. According to the BSE notice, Adi-Nadir Godrej Group will follow the pricing formula of the Securities and Exchange Board of India (Sebi) to acquire the stake of RKN Enterprises. On May 2, the Godrej family announced the settlement On May 2 this year, the Godrej family announced an amicable settlement. Under which the Adi-Nadir and Jamshed-Smita families bought each other’s stake in each other’s companies with zero consideration. Adi & Nadir Godrej Group controls Godrej Industries, Godrej Properties and Godrej Consumer Products. Whereas, Jamshed Godrej family controls unlisted Godrej & Boyce Manufacturing. Adi-Nadir family to acquire additional 20.84% shares As per the plan, Adi-Nadir family will acquire additional 20.84% shares in Godrej Industries from Jamshed-Smita family. Some promoters will retire from Anamudi Real Estates LLP, which owns 0.57% shares of Godrej Industries. With this, Adi-Nadir family will own 52.01% stake in Godrej Industries with their existing shareholding. Godrej Industries is the holding company of Godrej-listed entities. Adi-Nadir’s cousin Rishad Naoroji is the director of RKN Enterprises Adi-Nadir’s cousin Rishad Naoroji is the director of RKN Enterprises. Naoroji Anamudi will retire from real estate. He is a promoter entity. Now only the Adi Godrej family will remain a partner in Anamudi Retirees. Read this news too… 127-year-old Godrej Group to be split: Adi-Nadir Godrej will get listed companies of Industries; cousin Jamshed will get non-listed companies Godrej Group, which manufactures everything from soap to lockers, is about to be split. The Godrej family has signed an agreement to divide the 127-year-old group into two parts. Under this, one part will go to Adi Godrej and his brother Nadir, while the other will go to cousin Jamshed and sister Smita. Read full news…
