Stocks In News - Demerger

1. Grasim Industries informed stock exchanges that it has fixed July 20 as record date-2 pursuant to Part III of the composite scheme of arrangement between Aditya Birla Nuvo and Grasim Industries and Aditya Birla Financial Services (now known as Aditya Birla Capital Limited) and their respective shareholders and creditors.
2. It means the people who have Grasim shares as of July 20 will be eligible to get shares of Aditya Birla Capital that will be listed soon.
3. Grasim shareholders will receive 7 shares of Aditya Birla Capital for every 5 shares held in the company.
4. The merger committee had fixed July 4 as effective date-2 for the effectiveness of demerger of financial services business of Grasim and transfer of the same to ABFSL.
5. After the demerger, Grasim Industries holds 55.94% stake in Aditya Birla Capital, followed by promoter group's 16.75% shareholding, public investors 25.11% and PI Opportunities Fund - 1's 2.2% stake.