Godfrey Phillips board approves advisor appt for biz rejig

Tobacco major Godfrey Phillips India today said its board has approved the move to seek the service of a merchant banker for any potential restructuring of its various businesses.
"The Board...Authorised the company to engage the services of a merchant banker and/or other advisors...For any potential restructuring or reorganising its various businesses in order to explore the opportunities for value enhancement for its shareholders," the company said in a BSE filing today.
"Any proposal brought by the merchant banker and/or other advisors, if accepted by the Board, shall be subject to all applicable regulatory approvals including shareholders' approval," it said.

A flagship company of the K K Modi Group, Godfrey Phillips India had reported a 53.03 per cent rise in standalone net profit at Rs 49.72 crore for the second quarter which ended on September 30, 2015.