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Aditya Birla Capital makes stock market debut at Rs250 per share

LiveMint logoLiveMint 01-09-2017 Nasrin Sultana

Mumbai: Shares of Aditya Birla Capital Ltd (ABCL) were listed at Rs250 on the NSE. At 10.12am, the stock hit the lower circuit of 5% to Rs237.50 a share, while the Nifty index was trading at 9,958.30, up 0.41%

The listing is the last phase of a composite scheme of arrangement under which Aditya Birla Nuvo was merged with Grasim Industries and the financial services business was subsequently demerged into Aditya Birla Capital.

At 10.12am, the stock hit the lower circuit of 5% to Rs237.50 a share, while the Nifty index was trading at 9,958.30, up 0.41%.

As per the scheme of amalgamation, Grasim issued three shares for every 10 shares of AB Nuvo held by investors. After this, investors in Grasim were given seven shares of Aditya Birla Capital for every one equity share they owned.

The swap ratio ensured that Grasim and Aditya Birla Nuvo investors own 25% of Aditya Birla Capital.

The company has presence across life insurance, asset management, private equity, corporate lending, structured finance, general insurance broking, equity, currency and commodity broking, pension fund management and health insurance.

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