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As per the company's filing, the offer, made at the price of Rs 1,069.75 per share, was triggered as the Adi/Nadir family's plan to acquire 20.84 per cent stake in Godrej Industries (GIL).
Jamshyd Naoroji Godrej and his sister Smita Crishna Godrej-controlled Godrej & Boyce will hold the exclusive construction rights over a vast land bank, including a prime 3,000 acre-property in Mumbai, they got as part of the family agreement that split the Godrej empire, as per sources and regulatory filing. According to the agreement reached late Tuesday, the 127-year-oldgets to keep what group will be split into two entities - one led by Adi Godrej and his brother Nadir and the other by their cousins Jamshyd and Smita.
The Godrej Group founding family has agreed to split the conglomerate. Adi and Nadir will retain Godrej Industries, while Jamshyd and Smita will receive Godrej & Boyce and a Mumbai land bank, aiming to enhance long-term value creation.
Adi Godrej and his brother Nadir will keep the five listed companies of Godrej Group, while cousins will get the unlisted firms.
The founding family of 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, has reached an agreement to split the conglomerate.