Members of the Godrej family, including Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar, and Freyan Crishna Bieri, have acquired a combined 1.11% stake in Godrej Consumer Products Limited (GCPL) from RKN Enterprises, a partnership firm within the promoter group.
The acquisition, totaling 11,392,858 equity shares, was executed through a block deal on July 15, 2024, at a price of INR 1,443.90 per share.
This transaction represents an inter-se transfer of shares among "Qualifying Persons" who are recognized as promoters or members of the promoter group in GCPL's shareholding pattern for over three years. As such, this transaction does not trigger open offer obligations under the SEBI Substantial Acquisition of Shares and Takeovers (SAST) Regulations.
Despite the exemption from open offer requirements, the acquirers submitted a notification under Regulation 10(5) of the SEBI SAST Regulations on July 8th, 2024, as a precautionary measure. They have also submitted reports under Regulations 10(6) and 10(7), demonstrating their commitment to transparency and adherence to regulatory guidelines.
Key Points:
This acquisition highlights the ongoing changes within the Godrej family's ownership structure of GCPL. While the exact rationale behind this specific transfer has not been publicly stated, it is likely part of a broader reorganization of the family's holdings.
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