Shares of Aditya Birla Capital, the newly formed financial services company of the Aditya Birla Group, got listed at Rs 250 on the NSE.
At 10:15 am, the stock was trading at Rs 237, down 5% from its listing price, in an otherwise higher market.
The firm, in a rare instance, got listed on the stock exchanges without an IPO for sale of equity shares.
The company said, listing, without an IPO, is the culmination of the composite scheme of arrangement under which Aditya Birla Nuvo
was merged with Grasim
Industries and the financial services undertaking was subsequently demerged into Aditya Birla Capital.
Industries was trading also trading in red, down over 1.5% at Rs 1,175.
Aditya Birla Capital, earlier known as Aditya Birla Financial Services, is the holding company of the financial services businesses of the group.
The company has presence across life insurance, asset management, private equity, corporate lending, structured finance, general insurance broking, equity, currency and commodity broking, pension fund management and health insurance.