Godrej Holding Company Hikes Stake in Godrej Properties
In a move to increase stake in the group’s listed companies, Godrej Industries on 28th June bought 2.53 per cent in Godrej Properties, the realty arm, from six Godrej family trusts for Rs 997.2 crore. 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. 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. 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.
Tags : ALLIED Godrej Properties Stake Hikes Godrej Company Anamudi Real Estates Godrej Seeds and Genetics