Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

Grasim raises investors’ limit

Aditya Birla Group firm Grasim Industries has proposed to increase foreign portfolio investors’ investment limit to 45 per cent from 30 per cent to enhance its weightage in the indices floated by Morgan Stanley and other large global financial institutions. The move will attract fresh investment in the stock from large foreign pension funds which mimic the index for their investment strategy.

Current FPI investors in the company include Aberdeen Emerging Markets Fund, Aberdeen Global India Equity, New World Fund and Citibank besides a clutch of foreign depositories. Morgan Stanley Capital International created its first global index in 1968 and now manages about 1.60 lakh indices including country-specific and various sectors.

Aditya Birla Group is in the midst of reorganisation of the promoters’ holding in the group company. It is in the process of merging Aditya Birla Nuvo with Grasim Industries and spinning off the financial services into a listed entity.

Last October, the company split the face value of the equity shares to Rs 2 each from Rs 10 each as a pre-cursor to the proposed merger and listing of the financial services business. Post-restructuring, Grasim will have a consolidated annual turnover of Rs 61,500 crores with a 68 per cent contribution from the manufacturing sector which includes cement, textile, chemicals, insulator and solar and 32 per cent from financial services and telecom.

 

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo