Godfrey Phillips to divest entire stake in Gopal Krishna Infra to promoter firm

Cigarette maker Godfrey Phillips India Friday announced to divest its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd to the company's promoter group firm K K Modi Investment & Financial Services. Gopal Krishna Infrastructure & Real Estate is a fully owned subsidiary of Unique Space Developers, a step-down subsidiary of Godfrey Phillips India.

"We wish to inform you that Unique Space Developers Limited, a step-down subsidiary of the company, has divested its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd," Godfrey Phillips said in a regulatory filing. After completion of the sale, "it shall cease to be subsidiary of Unique Space Developers Limited and in turn of the company," it added. According to the filing, the transaction has been done at "arm's length" and falls within a related-party transaction.