Godrej Industries has decided to invest in Godrej Properties and Godrej Agrovet-through subscription/purchase of shares.
At the upcoming AGM (Annual General Meeting) on 11 August the company will be seeking permission from its shareholders.
In a letter Godrej Industries said to shareholders that “The company decided to invest in its own company like Godrej Agrovet Limited (GAVL) and Godrej Properties Limited (GPL) up to Rs 300 crore, each, as it recognizes it to be a best investment opportunity.’’
GAVL is an Agriculture –Business Company and GPL is a Real Estate development company.
The present investment in GPL is Rs 726.78 crore hold 56.73 % stake, although in GAVL it has invested Rs 143.98 crore with a 60.81% shareholder.
The company is also seeking permission from its shareholders to enable it to “acquire by way of purchase, subscription or otherwise, the securities of GAVL and GPL, increasing 60% of its paid-up capital share, free reserves and securities premium account or 100% of its securities premium account and free reserves, which is more.’’
Godrej Industries is also looking for approval for “reimbursement and reappointment of N B Godrej as company’s Managing Director, for a time period of 3 years from 1 April 2007 to 31 March 2020”.