 "Grasim Industries trades ex-date to spin off its financial business")
Grasim Industries dipped 7% to Rs 1,013 from its opening level of Rs 1,091 on BSE in intra-day trade after the stock turned ex-date to spin off its financial business.
At 10:29 am; the stock was trading at Rs 1,045, after hitting a low of Rs 1,013 in intra-day trade. A combined 2.94 million equity shares changed hands on the counter on BSE and NSE so far. On Tuesday, the stock of Grasim Industries was closed at Rs 1,306.
Last August, Kumar Mangalam Birla-owned Aditya Birla Group proposed to merge Grasim Industries and Aditya Birla Nuvo and spin off the financial services business, including mutual fund, non-banking financial company (NBFC), life insurance and payments bank under Aditya Birla Financial Services ((now known as Aditya Birla Capital) and list it on the exchanges.
As per scheme of arrangement whereby Grasim Industries will issue three shares for every 10 shares of Aditya Birla Nuvo held by investors. Investors in Grasim will get seven shares of Aditya Birla Financial Services for every one equity share they own.
Aditya Birla Nuvo had already turned ex-date of amalgamation on July 5, 2017.
Meanwhile, the BSE said that, 190.46 million equity shares of Rs 2 each issued pursuant to scheme of amalgamation between Grasim Industries and Aditya Birla Nuvo are listed and permitted for trading on the Exchange with effect from Thursday, July 13, 2017.
At 10:29 am; the stock was trading at Rs 1,045, after hitting a low of Rs 1,013 in intra-day trade. A combined 2.94 million equity shares changed hands on the counter on BSE and NSE so far. On Tuesday, the stock of Grasim Industries was closed at Rs 1,306.
Last August, Kumar Mangalam Birla-owned Aditya Birla Group proposed to merge Grasim Industries and Aditya Birla Nuvo and spin off the financial services business, including mutual fund, non-banking financial company (NBFC), life insurance and payments bank under Aditya Birla Financial Services ((now known as Aditya Birla Capital) and list it on the exchanges.
As per scheme of arrangement whereby Grasim Industries will issue three shares for every 10 shares of Aditya Birla Nuvo held by investors. Investors in Grasim will get seven shares of Aditya Birla Financial Services for every one equity share they own.
Aditya Birla Nuvo had already turned ex-date of amalgamation on July 5, 2017.
Meanwhile, the BSE said that, 190.46 million equity shares of Rs 2 each issued pursuant to scheme of amalgamation between Grasim Industries and Aditya Birla Nuvo are listed and permitted for trading on the Exchange with effect from Thursday, July 13, 2017.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%