Godfrey Phillips shines on executing agreement to sell Chewing business
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Godfrey Phillips India is currently trading at Rs. 1307.75, up by 14.25 points or 1.10% from its previous closing of Rs. 1293.50 on the BSE.
The scrip opened at Rs. 1288.55 and has touched a high and low of Rs. 1318.75 and Rs. 1276.25 respectively. So far 6032 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1409.85 on 28-Oct-2021 and a 52 week low of Rs. 937.30 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 1346.45 and Rs. 1197.35 respectively. The current market cap of the company is Rs. 6856.18 crore.
The promoters holding in the company stood at 72.83%, while Institutions and Non-Institutions held 11.94% and 15.24% respectively.
Godfrey Phillips India has executed agreement on October 11, 2022 with Vishnu & Company Trademarks and its wholly owned subsidiary VLS Innovations (both these parties hereinafter collectively referred to as the 'Purchaser) to sell/assign trademarks along with all the rights, titles and interests therein and certain non-current assets including the rights in the Leasehold Land; used in relation to the Chewing business of the Company for an aggregate sale consideration of Rs 80 crore.
This sale/assignment is in line with the Company's decision to exit from its Chewing business which was incurring losses and constituted less than 2% of the total operating revenues of the Company in the financial year 2021-22. The Purchaser and its affiliates are engaged in the business of Chewing Products such as pan masala, flavoured elaichi and chewing tobacco through its various brands and is not a 'Related Party' to the Company.
Godfrey Phillips India, a flagship company of the Modi Enterprises, is one of India's largest cigarette manufacturers. It makes some of the best cigarette brands in the country including Four Square, Red & White, and Cavanders.
