Grasim, AB Nuvo advance on fixing of swap ratio for merger

NEW DELHI: Shares of Grasim Industries and Aditya Birla Nuvo advanced up to 2 per cent each after the former announced the number of shares it will allot to shareholders of the latter on merger of the two.

Grasim Industries split its shares of face value Rs 10 each into five face value Rs 2 each on Thursday. The record date is fixed as October 8. The company said post market hours of Thursday that it would offer 15 of its shares of face value Rs 2 each for every 10 shares of Aditya Birla Nuvo having face value Rs 10 each.

Following the announcement, shares of Grasim Industries rose 1.60 per cent to settle at Rs 1024.55 on BSE. Shares of Aditya Birla Nuvo added 1.68 per cent to Rs 1433.90.

Grasim, meanwhile, said for every seven shares of demerging financial services business of the company — Aditya Birla Financial Services — the company will offer five shares of Grasim of face value Rs 2 each. The financial services business will be listed on the domestic stock exchanges soon.