Grasim Ind dips over 7% after spinning off its financial business
At 12:54 PM; the stock was trading at Rs 1,062 per share, down by Rs 29 per share or 2.66%. The stock had closed at Rs 1306 per share on BSE in previous trading session and the share price has got adjusted in Wednesday’s trade. A combined 2.94 million equity shares changed hands on the counter on BSE and NSE so far.
Last August, Kumar Mangalam Birla-owned Aditya Birla Group proposed to merge Grasim Industries and Aditya Birla Nuvo and spin off the financial services business, including mutual fund, non-banking financial company (NBFC), life insurance and payments bank under Aditya Birla Financial Services ((now known as Aditya Birla Capital) and list it on the exchanges.
As per scheme of arrangement whereby Grasim Industries is going to issue three shares for every 10 shares of Aditya Birla Nuvo held by investors. Investors in Grasim will get seven shares of Aditya Birla Financial Services for every one equity share they own.
Aditya Birla Nuvo had already turned ex-date of amalgamation on July 5, 2017.
Meanwhile, Nifty was trading at 9881 level, up by 54 points and Sensex was trading at 31879 level, up by 168 points.
Grasim Industries Ltd is currently trading at Rs 1059.5, down by Rs 31.5 or 2.89% from its previous closing of Rs 1091 on the BSE.
The scrip opened at Rs 1091 and has touched a high and low of Rs 1091 and Rs 1013 respectively. So far 5392323(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 85837.9 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1331.75 on 17-Jul-2017 and a 52 week low of Rs 781.8 on 21-Nov-2016. Last one week high and low of the scrip stood at Rs 1331.75 and Rs 1257.2 respectively.
The promoters holding in the company stood at 31.27 % while Institutions and Non-Institutions held 44.56 % and 24.17 % respectively.
The stock is currently trading below its 50 DMA.