Godrej Industries has opened higher by 1% at Rs 260 after the company said it has divested its 43% stake in Godrej Hershey to the Hershey Company.
“Godrej Industries has entered into a share purchase agreement to divest its 43% stake in Godrej Hershey Limited to the Hershey Company for an undisclosed consideration,” Godrej Group Company said in a filing. According to market reports, the deal is roughly pegged at Rs 200 crore in size.
The transaction is expected to close by the end of September. For the fiscal year ended March 31, 2012, Godrej Hershey Limited had net sales of Rs 386 crore and losses of Rs 74 crore, it added.
A combined 1,893 shares have changed hands on the counter in opening deals on both the exchanges.