The Adi/Nadir Godrej household has collectively with different relations/trusts supplied to the shareholders of Astec Lifesciences to accumulate an extra 26 per cent stake from the general public as a part of the household settlement settlement (FSA), a inventory change submitting acknowledged on Wednesday. This comes hours after the Godrej household introduced that that they had sealed the deal to amicably cut up the 127-year-old conglomerate.
As per the corporate’s submitting, the supply, made on the value of Rs 1,069.75 per share, was triggered because the Adi/Nadir household’s plan to accumulate 20.84 per cent stake in Godrej Industries (GIL) from the Jamshyd Godrej/Smita Crishna Godrej household as per the FSA introduced on Tuesday. The open supply, on full acceptance, will value Rs 545 crore to the Adi/Nadir household, the submitting stated.
“That is to tell you that Astec LifeSciences Restricted (the “Astec”) has obtained a duplicate of Public Announcement dated April 30, 2024 in relation to the Supply to the Shareholders of Astec by Mr. Nadir Godrej (“Acquirer 1”), Ms. Tanya Dubash (“Acquirer 2”), Ms. Nisaba Godrej (“Acquirer 3”) and Mr. Pirojsha Godrej (“Acquirer 4”) (collectively, “Acquirers”) and individuals appearing in live performance with them,” the submitting acknowledged.
Godrej Industries not directly holds shares in Astec LifeSciences, a subsidiary of Godrej Agrovet. Godrej Industries has a 64.88 per cent stake in Godrej Agrovet, which is owned by Godrej Industries; a 23.7 per cent stake in Godrej Shopper Merchandise and 47.3 per cent stake in Godrej Properties.
Supply particulars
> As much as 50,99,035 totally paid up fairness shares of face worth of Rs 10 every of the Goal Firm (“Supply Shares”), constituting within the mixture 26.00% of the Expanded Voting Share Capital of the Goal Firm (as on the tenth working day from the closure of the tendering interval for the Supply) after bearing in mind 2,465 worker inventory choices already vested or which shall vest on or previous to December 31, 2024 (“Expanded Voting Share Capital”) at a value of Rs 1,069.75 per Supply Share aggregating to a complete consideration of as much as Rs 545.46 crore.
> The Open Supply is being made at a value of INR 1,069.75 per Supply Share, which shall be enhanced by an quantity equal to a sum decided on the charge of 10% (ten per cent) every year for the interval between the date of signing the FSA (as outlined under) i.e. April 30, 2024 and the date of publication of the DPS pursuant to Regulation 8(12) of SEBI (SAST) Laws, and such enhanced value (“Supply Value”) shall be specified within the DPS.
> The Supply Value shall be paid in money by the Acquirers and/ or the PACs in accordance with Regulation 9(1)(a) of the SEBI (SAST) Laws, the phrases and situations talked about on this Public Announcement and to be set out within the DPS and the Letter of Supply which can be proposed to be issued in accordance with the SEBI (SAST) Laws.
> Sort of supply: The Supply is a compulsory supply made by the Acquirers and the PACs in compliance with Laws 3(1), 4 and 5(1) of the SEBI (SAST) Laws pursuant to the Underlying Transaction. The thresholds specified underneath Regulation 5(2) of the SEBI (SAST) Laws should not met and, accordingly, this Supply doesn’t represent a ‘deemed direct acquisition’ underneath the SEBI (SAST) Laws. This Supply is just not topic to any minimal stage of acceptance.
Household settlement settlement
As per Household settlement settlement, Adi Godrej and his brother Nadir shall be maintaining Godrej Industries that has 5 listed companies, his cousins Jamshyd and Smita shall be getting unlisted Godrej & Boyce and its associates and a land financial institution, together with prime properties in Mumbai.
Godrej Industries Group — which incorporates the listed corporations Godrej Industries, Godrej Shopper Merchandise, Godrej Properties, Godrej Agrovet and Astec Lifesciences — could have Nadir Godrej as chairperson and shall be managed by Adi, Nadir and their quick households.
Pirojsha Godrej, Adi’s son, would be the govt vice chairperson of GIG and can succeed Nadir because the chairperson in August 2026.
Actual property price crores of rupees, largely in prime land in Mumbai suburbs, will stay underneath Godrej & Boyce (G&B), and a separate settlement shall be labored out to manipulate the possession rights.
It owns 3,400 acres of land in Mumbai, together with a 3,000-acre parcel in Vikhroli, Mumbai.
To allow the cut up, the 2 sides give up the boards of corporations in rival camps. So, Adi and Nadir Godrej resigned from the Godrej & Boyce Board, whereas Jamshyd Godrej left his seat on the boards of GCPL and Godrej Properties.
Shares of Astec Lifesciences closed at Rs 1287.65 on Wednesday, up by 5%.
