New Delhi: RKN Enterprises, part of Godrej Industries Group, on Thursday sold its stake in Godrej Properties and Godrej Agrovet to members of Godrej Industries Group for Rs 1,652 crore as part of the Godrej family deal announced in April.
According to block deal data available on the National Stock Exchange (NSE), RKN Enterprises offloaded 41.46 lakh shares or 2.16 per cent stake in Godrej Agrovet. The shares were sold at an average price of Rs 800.05 each in a total transaction of Rs 331.70 crore.
Additionally, RKN Enterprises also sold 39.86 lakh shares, which is equivalent to a 1.43 per cent stake in Godrej Properties. The shares were disposed of at an average price of Rs 3,313.90 each, taking the transaction value to Rs 1,320.90 crore.
The shares of the two companies were acquired by promoters Freyan Crishna Bieri, Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Nyrika Holkar and Smita Godrej Crishna at the same price, thereby increasing their holdings in Godrej Properties and Godrej Agrovet.
Earlier, Godrej Properties and Godrej Agrovet had announced that Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar and Freyan Crishna Bieri (acquirers) will acquire shares in both companies from RKN Enterprises (transferor).
"The Acquirers and the Transferor have been classified as members of the Promoter Group of GPL (Godrej Properties Ltd) and GAVL (Godrej Agrovet Ltd) for over three years in terms of the SAST regulations," GPL and GAVL said in two separate filings. July 4.
Shares of Godrej Agrovet rose 1.19 per cent to close at Rs 809.60 apiece on the NSE, while Godrej Properties scrip fell 0.42 per cent to close at Rs 3,300 a piece on the bourse.
On Monday, RKN Enterprises sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family deal announced in April.
In April, the founding family of the 127-year-old Godrej Group, which spans everything from soaps and appliances to real estate, reached a deal to split the conglomerate, with Adi Godrej and his brother Nadir staying with Godrej Industries, which has five listed companies. , while cousins Jamshyd and Smita will delist Godrej & Boyce and its subsidiaries, as well as a land bank, which includes prime properties in Mumbai.
The former will head Godrej Industries Group, which comprises listed companies including Godrej Industries Ltd, Godrej Consumer Products Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd and Astec Lifesciences Ltd. Jamshyd Godrej, 75, will head Godrej Enterprises, which comprises Godrej & Boyce Manufacturing Co. with presence in many sectors such as aerospace, aviation, defence, energy, construction, IT and software, while his niece Nyrika Holkar will be the CEO.
While both groups will continue to use the Godrej brand, the two have signed a six-year non-compete pact that will prevent them from entering each other's domain.
After the non-compete period is over, they can venture into the domain of others, but they cannot use the name Godrej to do so.
The division has been carried out through the transfer of shares and not value.
Adi and Nadir Godrej will sell their stakes in Godrej & Boyce to the other branch. Jamshyd Godrej and his family will transfer his interests in Godrej Consumer Products (GCPL) and Godrej Properties to his cousins through a family arrangement.
To enable the split, the two sides resigned from the boards of directors of companies in rival fields. Then, Adi and Nadir Godrej resigned from the board of directors of Godrej & Boyce, while Jamshyd Godrej left his position on the boards of GCPL and Godrej Properties.
Nadir Godrej, 73, will serve as chairman of Godrej Industries Group (GIG). Adi Godrej's son Pirojsha Godrej will be appointed president of GIG, succeeding Nadir Godrej in August 2026.
According to block deal data available on the National Stock Exchange (NSE), RKN Enterprises offloaded 41.46 lakh shares or 2.16 per cent stake in Godrej Agrovet. The shares were sold at an average price of Rs 800.05 each in a total transaction of Rs 331.70 crore.
Additionally, RKN Enterprises also sold 39.86 lakh shares, which is equivalent to a 1.43 per cent stake in Godrej Properties. The shares were disposed of at an average price of Rs 3,313.90 each, taking the transaction value to Rs 1,320.90 crore.
The shares of the two companies were acquired by promoters Freyan Crishna Bieri, Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Nyrika Holkar and Smita Godrej Crishna at the same price, thereby increasing their holdings in Godrej Properties and Godrej Agrovet.
Earlier, Godrej Properties and Godrej Agrovet had announced that Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar and Freyan Crishna Bieri (acquirers) will acquire shares in both companies from RKN Enterprises (transferor).
"The Acquirers and the Transferor have been classified as members of the Promoter Group of GPL (Godrej Properties Ltd) and GAVL (Godrej Agrovet Ltd) for over three years in terms of the SAST regulations," GPL and GAVL said in two separate filings. July 4.
Shares of Godrej Agrovet rose 1.19 per cent to close at Rs 809.60 apiece on the NSE, while Godrej Properties scrip fell 0.42 per cent to close at Rs 3,300 a piece on the bourse.
On Monday, RKN Enterprises sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family deal announced in April.
In April, the founding family of the 127-year-old Godrej Group, which spans everything from soaps and appliances to real estate, reached a deal to split the conglomerate, with Adi Godrej and his brother Nadir staying with Godrej Industries, which has five listed companies. , while cousins Jamshyd and Smita will delist Godrej & Boyce and its subsidiaries, as well as a land bank, which includes prime properties in Mumbai.
The former will head Godrej Industries Group, which comprises listed companies including Godrej Industries Ltd, Godrej Consumer Products Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd and Astec Lifesciences Ltd. Jamshyd Godrej, 75, will head Godrej Enterprises, which comprises Godrej & Boyce Manufacturing Co. with presence in many sectors such as aerospace, aviation, defence, energy, construction, IT and software, while his niece Nyrika Holkar will be the CEO.
While both groups will continue to use the Godrej brand, the two have signed a six-year non-compete pact that will prevent them from entering each other's domain.
After the non-compete period is over, they can venture into the domain of others, but they cannot use the name Godrej to do so.
The division has been carried out through the transfer of shares and not value.
Adi and Nadir Godrej will sell their stakes in Godrej & Boyce to the other branch. Jamshyd Godrej and his family will transfer his interests in Godrej Consumer Products (GCPL) and Godrej Properties to his cousins through a family arrangement.
To enable the split, the two sides resigned from the boards of directors of companies in rival fields. Then, Adi and Nadir Godrej resigned from the board of directors of Godrej & Boyce, while Jamshyd Godrej left his position on the boards of GCPL and Godrej Properties.
Nadir Godrej, 73, will serve as chairman of Godrej Industries Group (GIG). Adi Godrej's son Pirojsha Godrej will be appointed president of GIG, succeeding Nadir Godrej in August 2026.
