Godfrey Phillips to divest its stake in Gopal Krishna Infrastructure & Real Estate

Cigarette maker Godfrey Phillips India Friday announced to divest its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd to the company's promoter group firm K K Modi Investment & Financial Services.

Gopal Krishna Infrastructure & Real Estate is a fully owned subsidiary of Unique Space Developers, a step-down subsidiary of Godfrey Phillips India.

"We wish to inform you that Unique Space Developers Limited, a step down subsidiary of the company, has divested its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd," Godfrey Phillips said in a regulatory filing.

After completion of sale, "it shall cease to be subsidiary of Unique Space Developers Limited and in turn of the company," it added.

According to the filing, the transaction has been done at "arms length" and falls within related-party transaction.