Aditya Birla Nuvo rose 3.7% to Rs 1,886.90 at 09:51 IST on BSE after the company announced that Premji Invest Opportunities Fund will buy 2.2% stake in Aditya Birla Capital.
The announcement was made after market hours yesterday, 29 June 2017.Meanwhile, the S&P BSE Sensex was down 137.06 points or 0.44% at 30,720.46
On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 18,200 shares in the past one quarter. The stock hit a high of Rs 1,893 in intraday trade so far, which is a record high for the counter. The stock had hit a low of Rs 1,827 so far during the day. The stock had hit a 52-week low of Rs 1,126.95 on 21 November 2016.
The large-cap company has equity capital of Rs 130.32 crore. Face value per share is Rs 10.
Aditya Birla Capital (ABCL) yesterday, 29 June 2017 entered into a definitive Share Subscription Agreement (SSA) with PI Opportunities Fund - 1 (the Fund), an affiliate of Premji Invest, a private equity fund in India. As per the SSA, the Fund will subscribe to about 2.2% of the post scheme fully diluted equity share capital of ABCL. The proposed transaction values ABCL at Rs 32000 crore on a post money basis, Aditya Birla Nuvo said.
ABCL ranks amongst the top fund managers in India with an aggregate AUM (across asset management, private equity and insurance businesses) of Rs 2.46 lakh crore and a lending book of Rs 38.8 thousand crore as of 31 March 2017.
ABCL has presence across life insurance, asset management, private equity, corporate lending, structured finance, general insurance broking, wealth management, equity, currency and commodity broking, online personal finance management, housing finance, pension fund management and health insurance businesses.
ABCL, formerly known as Aditya Birla Financial Services, is the holding company of the financial services businesses of the Aditya Birla Group. The company had entered into a composite scheme of arrangement (Scheme) with Aditya Birla Nuvo (ABNL) and Grasim Industries (Grasim), basis which the financial services undertaking of Grasim will be transferred to and vested in the company by way of demerger effective from 4 July 2017, following which ABCL shall be listed after obtaining necessary approvals. In accordance with the Scheme, on or prior to 4 July 2017, the company is permitted to issue additional equity shares, to one or more financial investors.
Aditya Birla Nuvo's consolidated net profit fell 52.35% to Rs 130.33 crore on 12.47% growth in total income to Rs 4389.34 crore in Q4 March 2017 over Q4 March 2016.
Aditya Birla Nuvo is a business conglomerate. It commands leadership position across its financial services, telecom, linen and manufacturing businesses.
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