Aditya Birla Money allots 1.6 mn non-convertible preference shares

Aditya Birla Money has allotted 16 lakh non-convertible preference shares to its promoter Aditya Birla Capital for Rs 80 crore, the company said on Friday.

The board of directors of Aditya Birla Money has approved and allotted 16,00,000 (4 per cent) non-cumulative non-convertible redeemable preference shares at an issue price of Rs 500 per share, including a premium of Rs 400 per share aggregating to Rs 80 crore, to Aditya Birla Capital, promoter and holding company, it said in a regulatory filing.

"Post said allotment, the paid-up share capital of the company is over Rs 31.63 crore comprising of 5,63,74,998 equity shares of Re 1 each and 26,00,000 preference shares of Rs 100 each," it added.

Non-convertible redeemable preference shares are preference shares that can be redeemed and do not include a preference share that is convertible into or exchangeable with equity shares of the issuer.

As of September 30, 2021, the promoter Aditya Birla Capital held 73.70 per cent stake in Aditya Birla Money, as per data on BSE.

Aditya Birla Money is mainly involved in stockbroking, portfolio management services, depository and e-insurance repository solutions and distribution of other financial products.

Shares of the company closed at Rs 61.40 apiece on BSE, down 0.89 per cent from the previous close.