Godrej Family Announces Split, Adi/Nadir Godrej to Acquire Additional Stake in Astec Lifesciences
The Godrej family has announced a major restructuring, with Adi and Nadir Godrej acquiring an additional 26% stake in Astec Lifesciences from the public. This move comes as part of a family settlement agreement (FSA) that will see the 127-year-old conglomerate split into two separate entities.
Under the terms of the FSA, Adi and Nadir Godrej will retain control of Godrej Industries, which includes five listed firms. Their cousins, Jamshyd and Smita Godrej, will receive the unlisted Godrej & Boyce and its affiliates, along with a land bank that includes prime properties in Mumbai.
The Godrej Industries Group, which includes the listed companies Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, and Astec Lifesciences, will be chaired by Nadir Godrej and controlled by Adi, Nadir, and their immediate families.
Pirojsha Godrej, Adi's son, will be the executive vice chairperson of the Godrej Industries Group and will succeed Nadir as chairperson in August 2026.
Real estate worth crores of rupees, mostly in prime land in Mumbai suburbs, will remain under Godrej & Boyce. A separate agreement will be worked out to govern the ownership rights.
To facilitate the split, both sides have resigned from the boards of companies in the rival camps. Adi and Nadir Godrej have resigned from the Godrej & Boyce Board, while Jamshyd Godrej has left his seat on the boards of GCPL and Godrej Properties.
The open offer to acquire an additional 26% stake in Astec Lifesciences from the public will cost the Adi/Nadir family Rs 545 crore. The offer price is Rs 1,069.75 per share, which will be enhanced by an amount equal to a sum determined at the rate of 10% per annum for the period between the date of signing the FSA and the date of publication of the draft letter of offer.
The offer is being made in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It is not subject to any minimum level of acceptance.