Godrej family begins process to untangle cross-holdings

The Godrej family has begun the process of restructuring holdings in the listed entities between Adi/Nadir and Jamshyd/Smita families with zero consideration for the acquisition of shares by the former, according to a statement to the stock exchanges.

- DEV CHATTERJEE

In a notice to the exchanges on Thursday, Godrej Industries said the acquisition was proposed to be completed after four days from the April 30 intimation and after receipt of the approval from the Competition Commission of India and in line with the family settlement agreement.

The Adi/Nadir family will acquire an additional 20.84 per cent shares in Godrej Industries Limited from the Jamshyd/Smita family and retiring of certain members of the Godrej family from their partnership in Anamudi Real Estates LLP, an intermediate holding entity and promoter group entity that holds 0.57 per cent shares of GIL.