Investors lap up Aditya Birla Nuvo shares; stock up 30%

MUMBAI: Investors frantically bought shares of Aditya Birla Nuvo sending the scrip over 30 per cent higher. The company had recently announced that it would allot 18.5 million convertible warrants to its promoters for Rs 1,000 crore.

This decision comes after it chose not to convert an almost equal number of warrants, which they had subscribed to last year at a higher price, due to huge erosion in the valuation of the stock.

The company has convened an EGM on June 17 this year to seek shareholders��� approval for the new set of convertible warrants.

At 11 am, the company���s shares were up 29.59 per cent at Rs 845.25 after touching a high of Rs 913.10 in early trade.