Godrej Industries (GIL) has hiked its stake in Godrej Consumer Products (GCPL) by picking up 16.70 lakh shares in GCPL from another promoter entity through the open market route. The company has purchased the shares at an average price of Rs 660 valuing the deal at Rs 110.22 crore.
GIL one of the promoters of GCPL has purchased the shares of GCPL from another promoter entity, Godrej & Boyce Mfg. As of the end of June quarter, GIL held 7.19 crore shares constituting 21.15% stake in GCPL, while Godrej & Boyce Mfg holding in GCPL stood at 36.8% constituting to 12.52 crore shares.
Godrej Industries is part of the Godrej group, one of the leading business groups in India and is in the businesses of Oleo-chemicals, surfactants, finance & investments and estate management. It has substantial interests in several industries including property development, oil palm plantation, animal feeds and agro-products, poultry, personal care and household care etc., through its subsidiaries, associate companies and joint ventures.
