Two promoter entities of Godrej Industries Ltd. exchanged shares worth Rs 322.5 crore via open market deals on Thursday.
Arel Enterprise LLP sold 27.7 lakh shares, or 0.82%, at Rs 1,164 apiece, according to bulk deal data on the NSE. These were bought by Godrej Seeds and Genetics Ltd. at the same price.
Consequently, Arel Enterprise no longer owns equity in Godrej Industries.
Godrej Seeds and Genetics held a 0.54% stake in the company as of September. The firm is one of the holding companies of the larger Godrej Group. Apart from being a holding company, it is involved in the trading of hybrid seeds such as corn and mustard, among others.
Earlier this year, the Godrej family, which is at the helm of a $5.7 billion sprawling empire, reached an amicable agreement to divide the group into two—a rare occurrence in the increasingly contentious world of family business splits.
Adi Godrej—the head of the family—and his brother Nadir Godrej will retain control of the five listed companies of the Godrej Group with interests in consumer goods, real estate, agriculture, chemicals, and gourmet retail.
The cousins, Jamshyd and Smita, will receive the unlisted Godrej & Boyce Mfg. Co., along with its affiliates and a vast land bank. Nyrika Holkar and Pirojsha Godrej have risen as the key next-generation leaders of the two businesses.
The plans received the green light from the Competition Commission of India in June.
Godrej Industries comprises five major companies with significant interests in consumer goods, real estate, agriculture, chemicals, and financial services.
Shares of the flagship closed 2.3% lower at Rs 1,126.35 apiece, as compared to a 1.2% decline in the benchmark BSE Sensex.
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