New Delhi, Jul 11 (PTI) RKN Enterprises, a part of Godrej Industries Group, on Thursday sold its stake in Godrej Properties and Godrej Agrovet to members of Godrej Industries Group for Rs 1,652 crore as part of the Godrej family settlement announced in April.

According to the block deal data available with the National Stock Exchange (NSE), RKN Enterprises offloaded 41.46 lakh shares or 2.16 per cent stake in Godrej Agrovet. The shares were sold at an average price of Rs 800.05 apiece in a total deal of Rs 331.70 crore.

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Additionally, RKN Enterprises also sold 39.86 lakh shares, amounting to a 1.43 per cent stake in Godrej Properties. The shares were disposed of at an average price of Rs 3,313.90 apiece, taking the deal value to Rs 1,320.90 crore.

The shares of the two companies were acquired by promoters Freyan Crishna Bieri, Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Nyrika Holkar and Smita Godrej Crishna at the same price, thus raising their stakes in Godrej Properties and Godrej Agrovet.

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Earlier, Godrej Properties and Godrej Agrovet had announced that Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar and Freyan Crishna Bieri (Acquirers) will acquire shares in both the companies from RKN Enterprises (Transferor).

"The Acquirers and the Transferor have been classified as members of the Promoter Group of GPL (Godrej Properties Ltd) and GAVL (Godrej Agrovet Ltd) for more than three years in terms of the SAST regulations," GPL and GAVL said in two separate filings on July 4.

Shares of Godrej Agrovet rose 1.19 per cent to close at Rs 809.60 apiece on the NSE, while the scrip of Godrej Properties fell 0.42 per cent to settle at Rs 3,300 per piece on the bourse.

On Monday, RKN Enterprises sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family settlement announced in April.

In April, the founding family of 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, has reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.

The former will lead Godrej Industries Group, comprising listed companies, including Godrej Industries Ltd, Godrej Consumer Products Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd and Astec Lifesciences Ltd. 75-year-old Jamshyd Godrej will lead Godrej Enterprises, which comprises Godrej & Boyce Manufacturing Co. with presence in many sectors like aerospace, aviation, defence, energy, construction, IT and software while his niece Nyrika Holkar will be the executive director.

While both groups will continue to use the Godrej brand name, the two have signed a six-year non-compete pact that will restrict them from entering each other's domain.

After the expiry of the non-compete period, they can venture into other's domain but can not use the Godrej name for that.

The split has been done through the transfer of shares and not value.

Adi and Nadir Godrej will divest their stakes in Godrej & Boyce to the other branch. Jamshyd Godrej and his side of the family will transfer interests in Godrej Consumer Products (GCPL) and Godrej Properties to their cousins through a family arrangement.

To enable the split, the two sides quit the boards of companies in rival camps. So, Adi and Nadir Godrej resigned from the Godrej & Boyce Board, while Jamshyd Godrej left his seat on the boards of GCPL and Godrej Properties.

Nadir Godrej, 73, will serve as chairperson of Godrej Industries Group (GIG). Adi Godrej's son Pirojsha Godrej will be named chairperson of GIG, succeeding Nadir Godrej in August 2026.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)