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AB Nuvo transfers entire stake in Idea Cellular to Grasim

Press Trust of India  |  New Delhi 

has transferred its around 23 per cent stake in to subsidiary firm

Idea Cellular, in a filing to BSE, said, "...837,526,221 equity of Rs 10 each (being 23.23 per cent of the total paid-up equity share capital) of Limited held by erstwhile Limited have been vested in Limited."

The transfer has been made pursuant to the composite scheme of arrangement between Limited and Limited and Aditya Birla Financial Services Limited and their respective shareholders.

The scheme was approved by Tribunal on June 1, 2017.

As per the today's closing price of Rs 89.9 a unit on BSE, the Idea transferred to Grasim are worth Rs 7,445 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 20:49 IST