Grasim Industries sink by 22 per cent on Aditya Birla Capital demerger

Following the news of the demerger of Aditya Birla Capital, erstwhile Aditya Birla Financial Services, Grasim industries saw a steep fall on the bourses, dipping by a record 22 per cent in Wednesday’s intraday session.

According to a filing on the exchanges, July 20 has been determined as the date to complete the procedure of the demerger and settle the deal between Aditya Birla Nuvo and Grasim Industries and Aditya Birla Financial Services (now, Aditya Birla Capital Limited) and their shareholders and creditors.       

Thus, post July 20, investors holding the shares of Grasim will be eligible to get the shares of Aditya Birla Capital that is queued to get listed soon. For every five shares held of Grasim, the investors will receive 7 shares of Aditya Birla Capital. 

Grasim Industries will hold 55.94 per cent stake in Aditya Birla Capital, while promoter’s will hold 16.75 per cent of stake, public investors 25.11 per cent and PI Opportunities Fund's 2.2 per cent shareholdings, after the demerger.    

The shareholders of Grasim, Aditya Birla Nuvo Limited (ABNL) and Aditya Birla Financial Services (ABFSL) had granted their approval for the merger of ABNL with Grasim Industries, followed by a demerger and the listing of financial services business, in accordance with requirements set by NCLT and SEBI.

At 1230 hrs IST, Grasim Industries quoted Rs 1,060.95, down by Rs 246.95 or 18.90 per cent on the BSE on July 19, 2017.