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.
 "Aditya Birla Nuvo, Grasim Industries hit record highs")
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Shares of Kumar Mangalam Birla – promoted Aditya Birla Group companies, Grasim Industries (up 4% at Rs 1,267) and Aditya Birla Nuvo (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.
Grasim Industries has fixed July 06, 2017 as the record date-1 for merger of Aditya Birla Nuvo (ABNL) with Grasim Industries in terms of the scheme for determining the entitlement of the equity shareholders of ABNL to receive fully paid up equity shares of Grasim Industries in the ratio of 15 fully paid up equity share of Rs 2 each of Grasim Industries 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).
Grasim Industries 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.
Aditya Birla Money 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.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) | VOLUME |
| 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 |
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