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Adi-Nadir group acquires a 12.5% stake in Godrej Industries from Rishad Naoroji
The Godrej family disclosed an agreement where the Adi-Nadir and Jamshyd-Smita families would purchase each other's shares in their companies without any payment involved. The Adi and Nadir Godrej group, currently named Godrej Industries Group (GIG), manages Godrej Industries, Godrej Properties, and Godrej Consumer Products. At the same time, the Jamshyd Godrej family, now known as Godrej Enterprises Group (GEG), oversees the unlisted Godrej and Boyce Mfg.
The Adi-Nadir Godrej faction has decided to purchase the 12.65 percent stake worth Rs 3858 crore in Godrej Industries through block deals from RKN Enterprises, owned by Rishad Naoroji, who is a cousin of Adi Godrej. The decision is a component of a family settlement pact disclosed by the Godrej family in early May of this year. On Tuesday, Godrej Industries saw a slight increase of about 1.6% and closed at Rs 900.55 on the BSE.
The group announced to the stock market that the deal would be finalized using block deals, with the 12.65 percent share valued at Rs 3,858 crore.
The Godrej family declared an agreement where the Adi-Nadir and Jamshyd-Smita families would exchange their stakes in each other's companies without any payment involved. Although the Adi and Nadir Godrej faction, now called Godrej Industries Group (GIG), oversees Godrej Industries, Godrej Properties, and Godrej Consumer Products, the Jamshyd Godrej family, now known as Godrej Enterprises Group (GEG), manages the unlisted Godrej and Boyce Mfg.
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