 "Aditya Birla Nuvo hits record high; Grasim Industries up 3% in weak market")
Shares of Kumar Mangalam Birla – promoted Aditya Birla Group companies, Aditya Birla Nuvo and Grasim Industries, were up 3% each on BSE, extending their four-session long gains after fixing July 6, 2017 as record date for the scheme of amalgamation.
Upon the Scheme becoming effective and in consideration of the amalgamation of Aditya Birla Nuvo into Grasim Industries,.
Grasim Industries shall issue and allot equity shares to the shareholders of Aditya Birla Nuvo in the share exchange ratio of 15 equity shares of Grasim Industries for every 10 equity Shares held in Aditya Birla Nuvo.
After the merger, the financial services business of Nuvo will be de-merged and listed. Grasim shareholders will receive free shares in Aditya Birla Financial Services. Seven shares of the financial services company will be offered for every one equity shares of Grasim (post merger).
“Demerger of financial services business achieves value unlocking for shareholders given the business has achieved scale. Listing of financial services business provides flexibility to independently fund its growth through various sources of capital,” Grasim Industries said in a statement.
Aditya Birla Nuvo hits a record high of Rs 1,797, extending its 4% gain in past four trading days. The stock will turn ex-scheme of amalgamation on July 5, 2017.
Grasim Industries too up 3% at Rs 1,208, after gaining 2.5% since June 20. Aditya Birla Money was up 2% at Rs 66, after hitting an intra-day high of Rs 69 on BSE.
Upon the Scheme becoming effective and in consideration of the amalgamation of Aditya Birla Nuvo into Grasim Industries,.
Grasim Industries shall issue and allot equity shares to the shareholders of Aditya Birla Nuvo in the share exchange ratio of 15 equity shares of Grasim Industries for every 10 equity Shares held in Aditya Birla Nuvo.
After the merger, the financial services business of Nuvo will be de-merged and listed. Grasim shareholders will receive free shares in Aditya Birla Financial Services. Seven shares of the financial services company will be offered for every one equity shares of Grasim (post merger).
“Demerger of financial services business achieves value unlocking for shareholders given the business has achieved scale. Listing of financial services business provides flexibility to independently fund its growth through various sources of capital,” Grasim Industries said in a statement.
Aditya Birla Nuvo hits a record high of Rs 1,797, extending its 4% gain in past four trading days. The stock will turn ex-scheme of amalgamation on July 5, 2017.
Grasim Industries too up 3% at Rs 1,208, after gaining 2.5% since June 20. Aditya Birla Money was up 2% at Rs 66, after hitting an intra-day high of Rs 69 on BSE.
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