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Godfrey Phillips rejects Lalit Modi's claim on KK Modi stake sale

Manufacturer of Marlboro cigarettes in India, Godfrey Phillips India has rejected the claim made by Lalit Modi who said that “Its (Godfrey Phillips) promoter, Modi Enterprises is planning to sell the shares of the company.”

In a statement issued on Tuesday morning, the company mentioned that “The company would like to clarify that it is neither engaged nor privy to any such discussion on the rumored potential transaction by its promoters.” “And would also like to take a dismiss the claims of the company which has been put on the block by its key promoter entities,” the statement said.

Currently, Godfrey Phillips India has two major shareholders like Phillip Morris who owes 25.1 percent of the shares and KK Modi Group which holds 47.09 percent shares in the Company.

For Limited Time

Adding to the statement, the company in its filing to BSE said, “The Company would like to clarify that it is neither engaged nor privy to any such discussions on the rumored potential transaction by its promoters.”

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