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Aditya Birla Nuvo, Grasim Industries hit record highs

Aditya Birla Money is locked in upper circuit of 10% at Rs 73.35, also its 52-week high on BSE.

SI Reporter  |  Mumbai 

Logo of Aditya Birla Group
Logo of Aditya Birla Group

Shares of Kumar Mangalam Birla – promoted Aditya Birla Group companies, (up 4% at Rs 1,267) and (up 4% at Rs 1,893) continued their upward movement hitting their respective record highs in intra-day trade on Friday, ahead of the scheme of amalgamation.

has fixed July 06, 2017 as the record date-1 for merger of (ABNL) with in terms of the scheme for determining the entitlement of the equity shareholders of ABNL to receive fully paid up equity shares of in the ratio of 15 fully paid up equity share of Rs 2 each of credited as fully paid-up for every 10 fully paid up equity shares of 10 each, held by such shareholder in ABNL.

After the merger, the financial services business of Nuvo will be de-merged and listed. Grasim shareholders will receive free shares in Aditya Birla Capital (formerly Aditya Birla Financial Services). Seven shares of the financial services company will be offered for every one equity shares of Grasim (post merger).

has fixed July 20, 2017 as the record date-2 for the demerger of the financial services business of the company to Aditya Birla Capital (ABCL).

Premji Invest, Wipro Chairman Azim Premji’s investment arm, has picked up 2.2%t stake worth Rs 700-crore in ABCL at a valuation of Rs 32,000 crore ahead of its listing next month.

In a statement, the Aditya Birla group said PI Opportunities Fund – 1, an affiliate of Premji Invest, would subscribe to about 2.2% of the fully-diluted equity share capital in ABCL. ABCL is the holding company of the financial services businesses of the Aditya Birla Group.

is locked in upper circuit of 10% at Rs 73.35, also its 52-week high on BSE. The trading volumes on the counter more than doubled with 2.87 million shares changed hands till 11:46 am. There were pending buy orders for 330,500 shares on both the exchanges.

ADIT.BIRLA MONEY 73.35 66.70 9.97 592159
ADITYA BIR. NUV. 1865.50 1819.50 2.53 32846
GRASIM INDS 1246.00 1218.40 2.27 56458

First Published: Fri, June 30 2017. 12:09 IST