Realignment of share in Godrej entities following split completed: Statement

NEW DELHI: The realignments of shareholdings in various listed Godrej group firms following a family settlement agreement that split the 127-year-old conglomerate into two have been completed, according to regulatory filings. Under the family settlement agreement (FSA) reached in April this year, the group, which spans from soaps and home appliances to real estate, was divided into Godrej Industries Group (GIG) led by Adi and brother Nadir; and Godrej Enterprises Group (GEG) resting with Jamshyd Godrej and sister Smita Godrej Crishna.

Members of the promoter family of Godrej Industries Group, including Nadir Godrej and the children of his brother Adi Godrej, have taken control of flagship firm Godrej Industries Ltd (GIL) with a 64.66 per cent stake under the settlement agreement, GIL said in a regulatory filing on Friday.

Nadir along with Tanya Dubash, Nisaba and Pirojsha (children of Adi Godrej) and persons acting in concert (PAC) have acquired 21.40 per cent shares of GIL by way of realignment of 20.84 per cent shares of GIL from transferors and retiral of certain members of the Godrej family from Anamudi Real Estates LLP, an intermediate holding entity and promoter group entity, holding 0.57 per cent stake of GIL, the filing said.

The transferors include Jamshyd Godrej, his children Raika Godrej and Navroze Godrej along with Smita Godrej Crishna and her daughter Nyrika Holkar.

The realignment of 20.84 per cent shares of GIL from transferors to the acquirers was completed on July 18, 2024, it added.

In a separate filing, Godrej Consumer Products Ltd (GCPL) said Nadir, his children Burjis and Hormazd, along with Tanya Dubash, Nisaba, Pirojsha and PACs taken together with their existing shareholding now control 53.05 per cent of the voting rights of the company.

Similarly, in separate filings, Godrej Agrovet Ltd, Godrej Properties Ltd and Astec LifeSciences Ltd also informed bourses that the members of the promoter group and promoters of the company -- Adi Godrej, Nadir Godrej, Jamshyd Godrej and Smita Godrej Crishna, heads of respective family branches, have intimated that the realignment pursuant to the Family Settlement Agreement dated April 30, 2024, has been completed on July 18, 2024.

In April, the founding family members of the Godrej Group had reached an agreement to split the conglomerate.

Under it, Adi and his brother Nadir kept Godrej Industries which has five listed firms, while cousins Jamshyd and Smita got unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.

The Godrej Industries Group comprises listed companies, including Godrej Industries Ltd, Godrej Consumer Products Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd and Astec Lifesciences Ltd.

On the other hand, Godrej Enterprises Group has Godrej & Boyce Manufacturing Co. as its flagship firm with a presence in many sectors like aerospace, aviation, defence, energy, construction, IT and software.