In a move to increase stake in the group’s listed companies, Godrej Industries on Tuesday bought 2.53 per cent in Godrej Properties, the realty arm, from six Godrej family trusts for Rs 997.2 crore.
With the stake buy in Godrej Properties, Godrej Industries’ stake in the company will rise to 47.29 per cent. Godrej Industries also bought 1.63 per cent stake in Godrej Agrovet for Rs 194.3 crore, according to bulk deal data published by exchanges. Godrej Industries’ stake in Godrej Agrovet will go up to 61.53 per cent. The family trusts bought 4.5 per cent in Godrej Industries for Rs 869.4 crore, separately, from Anamudi Real Estates and Godrej Seeds and Genetics, which had 5.06 per cent stake separately as on March 31.
A spokesperson said the move was aimed at simplifying the holding structure of the group.
“The promoter inter-se share transfers of Godrej Group listed shares strengthen Godrej Industries’ direct shareholding in Group entities and simplify the overall Group holding structure,” the company spokesperson said.
Sources in the know said such deals will be an ongoing exercise for the group which has multiple companies. Members of Godrej Family have transferred part of their ownership in Godrej Industries into trusts in the past as part of succession planning.
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