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Business News/ Markets / Stock Markets/  Godrej Industries, Godrej Consumer, Godrej Agrovet jump 1-5% after family decides to split business empire
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Godrej Industries, Godrej Consumer, Godrej Agrovet jump 1-5% after family decides to split business empire

Godrej Industries share price jumped as much as 3% to hit a fresh 52-week high of ₹989.90 apiece on the BSE, while Godrej Consumer Products shares gained 2.8% and Godrej Agrovet share price rallied 5.5%.

Godrej family reached an agreement to split the conglomerate into two branches.Premium
Godrej family reached an agreement to split the conglomerate into two branches.

Godrej Group stocks including Godrej Industries, Godrej Consumer Products and Godrej Agrovet, gained over 1-5% in early trade on Thursday after the Godrej family reached an agreement to split the conglomerate into two branches.

Godrej Industries share price jumped as much as 3% to hit a fresh 52-week high of 989.90 apiece on the BSE, while Godrej Consumer Products shares gained 2.8% and Godrej Agrovet share price rallied 5.5%.

On the other hand, Godrej Properties share price declined over 4.4% in early trade on May 2.

According to the Family Settlement Agreement issued on the stock exchanges by the company, Adi Godrej and brother Nadir Godrej will keep the listed companies. 

Read here: Godrej split: What it means for the group's listed companies

The unlisted company Godrej & Boyce Mfg. Co. Ltd will go to the families of siblings Jamshyd Godrej and Smita Crishna. The company has interests in aerospace, aviation, defence, engines and motors, construction, furniture and software and IT among others. It will be under the umbrella of the Godrej Enterprises Group.

The shareholdings of family members will be realigned across companies to reflect their inherited businesses. Both groups will continue to use the Godrej brand. The agreement also addresses issues of Royalty, Brand Usage and Land Bank development.

Also Read: Godrej family to split 127-year-old business empire

“The realignment has been arrived at in a respectful and mindful way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members. This will help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders," the company statement on April 30 said. 

The realignment will be implemented after the relevant regulatory approvals have been obtained. 

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Published: 02 May 2024, 09:23 AM IST
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