Godrej Industries on Tuesday stated its subsidiary Pyxis Holdings has acquired majority stake in group companies Godrej Housing Finance Ltd (GHFL) and Ensemble Holdings and Finance Ltd (EHFL).
The transfer would assist Godrej group, which is taking a look at increasing and diversifying its enterprise actions comparable to Housing Finance Enterprise, stated a regulatory submitting by Godrej Industries Ltd.
“The overall consideration paid for the acquisition of GHFL is Rs 405.9 crore,” it stated.
Whereas shares of EHFL have been transferred by the corporate to Pyxis Holdings for a consideration of Rs 5.73 crore in a transaction between associated events.
“Accordingly, EHFL has ceased to be a direct wholly-owned subsidiary of the corporate and has develop into a step-down subsidiary of the corporate with Pyxis being the instant holding firm for EHFL. The corporate holds 85 per cent stake in Pyxis,” stated Godrej Industries Ltd (GIL).
GIL is a holding firm of the Godrej Group. It has vital pursuits in client items, actual property, agriculture, chemical compounds and monetary providers via our subsidiary and affiliate corporations, it added.
“It believes that there’s a robust potential for housing finance and non-banking finance enterprise in our nation with an honest return on investments. The housing finance enterprise in India has been rising at a gradual tempo,” the submitting stated.
Getting into the monetary providers area will diversify the corporate’s enterprise and would result in general worth creation for the stakeholders of the corporate sooner or later, it added.
In keeping with the corporate, the Reserve Financial institution of India (RBI) has given the approval for change answerable for EHFL and GHFL vide its letters dated June 2, 2021, and July 20, 2021, respectively.
Consequent to the approval of the RBI, Pyxis Holdings, a subsidiary of the corporate, has acquired a 95 per cent stake of GHFL from Anamudi Actual Estates LLP.
“Additional, Pyxis has acquired 100 per cent stake of EHFL from the corporate.
“Accordingly, EHFL has ceased to be a direct wholly-owned subsidiary of the corporate and has develop into a step-down subsidiary of the corporate with Pyxis being the instant holding firm for EHFL. The corporate holds 85 per cent stake in Pyxis,” it stated.
It added that “pursuant to the aforesaid transaction, the corporate holds 95 per cent of the full shares of GHFL and 100 per cent of the full shares of EHFL via Pyxis.
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