 "Aditya Birla Fashion dips on listing of fresh shares")
Aditya Birla Fashion and Retail has dipped 17% to Rs 175 on the BSE after the fresh shares allotted by the company pursuant to Composite scheme of arrangement were permitted for trading on the exchanges with effect from today, 4 February 2016.
Aditya Birla Fashion and Retail issued 676 million equity shares of Rs 10 each issued pursuant to composite scheme of arrangement amongst Aditya Birla Fashion and Retail Ltd, Aditya Birla Nuvo Ltd (ABNL), Madura Garments Lifestyle Retail Company Ltd (MGLRCL) and their respective shareholders and creditors.
Shareholders of ABNL received 26 new equity shares of Aditya Birla Fashion and Retail for every 5 equity shares held in ABNL.
Shareholders of MGLRCL received 7 new equity shares of Aditya Birla Fashion and Retail for every 500 equity shares held in MGLRCL. Preference shareholder of MGLRCL received 1 new equity share of Aditya Birla Fashion and Retail.
The stock hit a low of Rs 172 on the BSE in intra-day trade and seen a huge trading volumes. A combined 3.38 million shares changed hands on the counter on BSE and NSE till 12:43 PM. The S&P BSE Sensex was up 1% or 260 points at 24,484.
Aditya Birla Fashion and Retail issued 676 million equity shares of Rs 10 each issued pursuant to composite scheme of arrangement amongst Aditya Birla Fashion and Retail Ltd, Aditya Birla Nuvo Ltd (ABNL), Madura Garments Lifestyle Retail Company Ltd (MGLRCL) and their respective shareholders and creditors.
Shareholders of ABNL received 26 new equity shares of Aditya Birla Fashion and Retail for every 5 equity shares held in ABNL.
Shareholders of MGLRCL received 7 new equity shares of Aditya Birla Fashion and Retail for every 500 equity shares held in MGLRCL. Preference shareholder of MGLRCL received 1 new equity share of Aditya Birla Fashion and Retail.
The stock hit a low of Rs 172 on the BSE in intra-day trade and seen a huge trading volumes. A combined 3.38 million shares changed hands on the counter on BSE and NSE till 12:43 PM. The S&P BSE Sensex was up 1% or 260 points at 24,484.