 "RKN Enterprises sold 1.11% stake in GCPL to other Godrej family members")
RKN Enterprises, a promoter entity, sold 1.11 per cent stake in Godrej Consumer Products at Rs 1,444 per share worth Rs 1,645 crore to other Godrej family members, as per the family settlement plan, according to bulk deals data of stock exchanges.
RKN Enterprises is owned by Rishad Naoroji.
Jamshyd Godrej and Navroz Jamshyd Godrej acquired 0.28 per cent stake each in Godrej Consumer Products while Nyrika Holkar and Smita Godrej Crishna and Freyan Crishna Bieri acquired 0.19 per cent stake each in Godrej Consumer Products.
On Monday, Godrej Consumer Products share price closed at Rs 1,439.60 per share, down 0.3 per cent.
On May 2 this year, the Godrej family had announced an amicable settlement under which the Adi-Nadir and Jamshyd-Smita families bought each other’s stakes for zero consideration in each other’s companies. Several transactions are expected in Godrej group companies post the family settlement.
While the Adi and Nadir Godrej faction controls Godrej Industries, Godrej Properties and Godrej Consumer Products, the Jamshyd Godrej family controls unlisted Godrej and Boyce Mfg.