Nuvo-Grasim Merger

Bharat Broadband Nigam Ltd is being merged with BSNL. Will this merger address the problems plaguing the project and expedite it. Our next report offers some insight

Shareholders of Aditya Birla Nuvo will now meet on April 10th to vote on the merger proposal

Mutual funds hold 8.21 per cent stake in Grasim and 7.57 per cent stake in Aditya Birla Nuvo

The chief investment officers (CIOs) and fund managers of mutual funds - with exposure in Aditya Birla Nuvo Ltd (ABNL) and Grasim - are meeting in Mumbai to take a joint stand on the mega merger between Nuvo and Grasim.According to sources in the mutual fund sector, the transaction prima-facie is negative for their unit holders and they would discuss the issue in their forthcoming meeting to be called under the umbrella of Association of Mutual Funds in India. "The meeting is being called so that our unit holders do not face any loss. We have a fiduciary duty towards our respective unit holders and, even if we know that the merger proposal will go through with the help of other minority shareholders, and if in our assessment the deal is not good for our unit holders, then we will certainly oppose it," said the CEO of a large fund asking not to be named.Statistics collated from Bloomberg show that nine mutual funds including Reliance Mutual Fund and UTI Mutual Fund hold eight per cent s

Proxy advisory firms say they would recommend voting against the merger

Nuvo falls 18%, Grasim closes flat; both lose Rs 9,935 crore of market value this week