With the listing, Aditya Birla Nuvo completed its merger with Grasim. Photograph: (AFP)
The stock listed at a price of Rs 250 per share
Aditya Birla Capital Ltd listed on the NSE today at Rs 250.
The listing marks the culmination of an arrangement under which Aditya Birla Nuvo merged with Grasim Industries and the financial services arm was demerged.
Under the arrangement, investors in Grasim will get ten shares of Aditya Birla Nuvo for every three shares after which they will get seven shares in Aditya Birla Capital for every one share they hold in Grasim.
The swap ratio will allow investors of Grasim and Aditya Birla Nuvo to hold 25 per cent of Aditya Birla Capital.