Members of Adi Godrej's family will increase their stake to own and control 50.35% of Godrej Properties Ltd. by increasing their holding in the flagship Godrej Industries Ltd. and other companies.
Nadir Godrej, Tanya Dubash, Nisaba Godrej, Pirojsha Godrej, Burjis Godrej and Hormazd Godrej will be the acquirers of additional stakes in Godrej Properties, the company said in an exchange filing on Tuesday.
Acquirers will not directly acquire equity shares of Godrej Properties, pursuant to a family settlement agreement.
Adi Godrej and his immediate family will raise stakes in the real estate company by acquiring shares of Godrej Industries and withdrawing certain members of the Godrej family from their partnership in Anamudi Real Estates LLP. Further, they will acquire a 40% stake in Innovia Multiventures Pvt.
The acquisition is proposed to be completed in four days from the date of intimation and after receiving approval from the necessary regulatory authorities.
On Tuesday, the Godrej family reached an amicable agreement to divide the group into two, a rare occurrence in the increasingly contentious world of family business splits.
Here's how the family settlement transfers in Godrej Industries will lead the acquirers to up their holdings in Godrej Properties:
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