Aditya Birla Nuvo : Capital infusion of Rs. 456 Crore through conversion of warrants
March 26, 2013
Aditya Birla Nuvo Ltd., as a premium conglomerate, is progressing well on the growth path to tap sector opportunities. To meet its growth capital requirements, the Company had issued 16.5 million warrants in May 2012 to Promoters / Promoter Group on a preferential basis after being approved by the shareholders. Of the planned equity infusion of Rs. 1,500 Crore, a sum of Rs. 375 Crore has already been as 25% application money in May 2012 itself.
After being approved by the Investor Relations & Finance Committee of the Board of Directors of the Company, on March 26, 2013, by way of Circular Resolution, the Company has issued 6.68 million Equity Shares of Rs. 10/- each at a premium of Rs. 900.86/- each to the Promoter and Promoter Group Company on conversion of equivalent number of Warrants which were issued in May 2012. The cash inflow of Rs. 456 Crore, being the balance 75% amount received on conversion of warrants, will strengthen the balance sheet and support the growth plans of the Company.