Bourse debut for Birla unit

Aditya Birla Capital Ltd (ABCL), the holding company of the financial services businesses of the Aditya Birla group, today made its debut on the stock exchanges. However, the scrip fell five per cent to hit the lowest trading permissible limit for the day.

By Our Special Correspondent in Mumbai
  • Published 2.09.17
  •  
Kumar Mangalam Birla during the listing on BSE
on Friday. (PTI)

Mumbai, Sept. 1: Aditya Birla Capital Ltd (ABCL), the holding company of the financial services businesses of the Aditya Birla group, today made its debut on the stock exchanges. However, the scrip fell five per cent to hit the lowest trading permissible limit for the day.

On the BSE, ABCL (formerly known as Aditya Birla Financial Services Ltd) got listed at Rs 261.20. After hitting an intra-day high of Rs 264 on the bourse, it settled at Rs 248.15, a drop of nearly five per cent over the listing price.

The listing of ABCL is the culmination of a composite scheme of arrangement under which Aditya Birla Nuvo merged with Grasim Industries and the financial services undertaking was demerged into ABCL.

Aditya Birla Group chairman Kumar Mangalam Birla rang the opening bell at the BSE to signal the listing.

"The financial services sector is a key driver for India's growth story and is core to the group's strategy. The integration of all our financial services businesses under one listed structure enables us to accelerate our already splendid growth. With the listing of ABCL, we also unlock embedded value for investors, positioning us for future growth," Birla said.

Ajay Srinivasan, the chief executive of Aditya Birla Capital, said, "ABCL is in a unique position of being able to provide universal financial solutions to customers. Our customer-centric approach under one brand will ensure we continue to chart a differentiated, accelerated and disciplined path to growth."

According to Srinivasan, ABCL has built leadership positions in a number of businesses and ranks among the top fund managers in India with an aggregate asset under management of Rs 2.6 lakh crore and a lending book of over Rs 41,000 crore as of June 30.