Pyxis buys majority stake in Godrej Housing FInance at Rs 405.9 cr

Pyxis Holdings, a subsidiary of Godrej Industries Limited(GIL), has bought a majority stake in Godrej Housing Finance Limited (GHFL) and Ensemble Holdings and Finance Limited (EHFL), according to the company. The move will benefit the Godrej group, according to a regulatory filing by Godrej Industries Limited (GIL), which is looking to expand and diversify its business activities, including the Housing Finance Business. As per the statement, the total consideration paid for GHFL is Rs 405.9 crore. In a transaction involving related parties, EHFL shares were transferred to Pyxis Holdings for Rs 5.73 crore. As a result, EHFL is no longer a direct wholly-owned subsidiary of the company, but rather a step-down subsidiary, with Pyxis serving as an immediate holding company for EHFL. Pyxis is owned by GIL to the tune of 85%. It also stated that it has significant interests in agriculture, consumer goods, chemicals, financial services and real estate through its subsidiaries and associate companies. According to the filing, the company believes that the housing finance and non-banking finance business in India has a strong potential for a good return on investment. The housing finance industry in the country has been steadily expanding, the report said. It added that entering the financial services space would diversify the business and result in overall value creation for the stakeholders in the future. The Reserve Bank of India (RBI) approved the change in control of EHFL and GHFL via letters dated June 2 and July 20, respectively, according to the company. Pyxis Holdings, a subsidiary of the company, bought a 95% stake in GHFL from Anamudi Real Estates LLP after the RBI approved the deal. Furthermore, Pyxis has purchased the entire stock of EHFL from the company. Image Source