Kumar Birla to acquire 16% stake in Century Textiles; stock hits 52-week high

MUMBAI: Shares of Century Textiles surged in trade and hit 52-week high following reports that Kumar Mangalam Birla will directly purchase a stake of about 16 per cent in Century Textiles and Industries, which he is eventually set to inherit from grandfather Basant Kumar Birla.

Four private companies will be used to consolidate the holding of the Aditya Birla Group chairman for the first time in the 117-year-old history of Century Textiles.

Aditya Marketing and Manufacturing Ltd, Essel Mining and Industries Ltd, IGH Holdings Ltd and Padmavati Investments Ltd will subscribe to 1.86 crore preferential warrants of Century, which will be converted into equity shares in 2015.