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Godrej Industries Limited to diversify into financial services business
Posted On : 2021-02-13 11:07:45( TIMEZONE : IST )
Godrej Industries Limited is looking at expanding and diversifying its business activities. It believes that there is a strong potential for housing finance business and non-banking finance business in our country. Godrej Housing Finance Limited ("GHFL"), a company owned by the Godrej Family through Anamudi Real Estates LLP ("Anamudi"), has recently obtained a license to operate as a Housing Finance Company. To pursue the opportunity in housing finance business, the Board of Directors of the Company has approved the proposal of acquiring shares of GHFL from Anamudi, subject to the approval of the Reserve Bank of India.
Keeping in mind the commercial and regulatory considerations, it is also proposed that part of the non-retail lending opportunities could be pursued through another subsidiary of the Company, i.e., Ensemble Holdings and Finance Limited ("EHFL"), a non-banking finance company registered with the Reserve Bank of India.
From structuring flexibility and value consolidation perspective, it is proposed that GHFL and EHFL would be held through an intermediary subsidiary of the Company. It is proposed to acquire the shares of Pyxis Holdings Private Limited (Pyxis) from Anamudi.
Accordingly, the Board of Directors of the Company, has approved acquiring 95% stake in GHFL through a subsidiary of the Company, i.e., Pyxis, subject to the approval of the Reserve Bank of India. The Board has approved the acquisition of and further investment in Pyxis. The Investment in Pyxis is subject to approval of the Shareholders of the Company. Pyxis will acquire shares of GHFL and EHFL subject to the approval of the Reserve bank of India.
Shares of GODREJ INDUSTRIES LTD. was last trading in BSE at Rs.449.6 as compared to the previous close of Rs. 448.7. The total number of shares traded during the day was 16565 in over 452 trades.
The stock hit an intraday high of Rs. 462.35 and intraday low of 434.6. The net turnover during the day was Rs. 7405680.
