Aditya Birla Capital share plunges 5%

The listing will help ABCL — engaged in non-banking financial services, mutual funds and insurance. NSEBSEBajaj Finance LtdLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAditya Birla NuvoEXPAND TO VIEW ALL Aditya Birla Capital, which got listed on the stock exchanges on Friday, hit the lower circuit limit of 5 per cent in early trade on Monday.

          The scrip plunged 5 per cent to Rs 235.75. The listing of Aditya Birla Capital (ABCL) was the culmination of the composite scheme of arrangement under which Aditya Birla Nuvo merged with Grasim Industries and the financial services undertaking was subsequently demerged into ABCL, the company had said in a statement.

          The listing will help ABCL — engaged in non-banking financial services, mutual funds and insurance — tap the market for funds and access cash flows of Grasim Industries, a major shareholder.

          The diversified Aditya Birla Group is also planning to enter the asset reconstruction business as it sees it as a growth vertical.

          Group chairman Kumar Mangalam Birla said the amalgamation announced last year and the subsequent listing of Aditya Birla Capital had doubled shareholder value to Rs 1.2 lakh crore as the vertical’s market-cap was only Rs 60,000 crore before the merger.

          Noting that a lot of stressed assets have piled up in the economy and are coming into the market, he said the company wants to grab that opportunity. “Asset reconstruction is an industry we are looking at. We see it as a very good opportunity,” Birla told reporters.

          ABCL’s rivals Piramal Enterprises and Bajaj Finance have announced plans to raise money by selling shares via qualified institutional placement (QIP).

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