RKN Enterprises, part of the Godrej Industries Group, sold its stake in Godrej Properties and Godrej Agrovet for Rs 1,652 crore. This sale is part of the Godrej family settlement announced in April. The shares were purchased by members of the Godrej Industries Group.
In April, the founding family of the 127-year-old Godrej Group agreed to split the conglomerate. Adi Godrej and his brother Nadir will keep Godrej Industries, which includes five listed firms. Meanwhile, cousins Jamshyd and Smita will get unlisted Godrej & Boyce and its affiliates, along with prime property in Mumbai.
RKN Enterprises sold 41.46 lakh shares, or a 2.16% stake, in Godrej Agrovet at an average price of Rs 800.05 each. This transaction totalled Rs 331.70 crore. Additionally, they offloaded 39.86 lakh shares, amounting to a 1.43% stake in Godrej Properties at an average price of Rs 3,313.90 per share, totalling Rs 1,320.90 crore.
The shares were acquired by promoters Freyan Crishna Bieri, Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Nyrika Holkar, and Smita Godrej Crishna at the same price. This increased their stakes in both companies. Earlier announcements confirmed that these acquirers would obtain shares from RKN Enterprises.
Source: goodreturns.in
