Aditya Birla Nuvo transfers 23% stake in Idea Cellular to Grasim Industries
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New Delhi: Aditya Birla Nuvo has transferred its around 23% stake in Idea Cellular to subsidiary firm Grasim Industries.
Idea Cellular, in a filing to BSE, said, “...837,526,221 equity shares of Rs10 each (being 23.23% of the total paid-up equity share capital) of Idea Cellular Ltd held by erstwhile Aditya Birla Nuvo Ltd have been vested in Grasim Industries Ltd.”
The transfer has been made pursuant to the composite scheme of arrangement between Aditya Birla Nuvo Ltd and Grasim Industries Ltd and Aditya Birla Financial Services Ltd and their respective shareholders.
The scheme was approved by National Company Law Tribunal on 1 June 2017. As per the Monday’s closing price of Rs89.9 a unit on BSE, the Idea shares transferred to Grasim are worth Rs7,445 crore.