Aditya Birla Money announced a proposed block deal, in which its parent company Aditya Birla Nuvo is selling a 75% stake to Aditya Birla Financial Services Pvt Ltd. The deal will be done on February 20 through a block deal on the stock exchanges, which will be done at around the market price on that day. It will sell 4.16 crore shares that are valued at Rs 220 based on today’s price which is locked up 5% at about Rs 52.
Aditya Birla-group metal firm Hindalco will raise Rs 2,900 crore through a qualified institutional placement route.
The company has determined the floor price for the share (face value: Re 1) at Rs 130.90 as prescribed by the SEBI formula.
The stock closed on the BSE at Rs 133.80 on November 23.
Earlier, Hindalco had increased the FII investment limit from 24% to 40%, and also raised the target amount from the QIP issue from Rs 2,400 crore to Rs 2,900 crore.
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Grasim Industries, the Aditya Birla group flagship, announced the restructuring of its cement business. The company’s board met today to consider a restructuring proposal, which has been widely reported in the media as pertaining to consolidation of its cement business.