Mumbai, Jan. 8

The Aditya Birla group proposes to increase its stake in Aditya Birla Nuvo to 51 per cent through a preferential issue of shares to the promoters.

Currently, the promoters hold a 39.07 per cent stake in the company.

The company board meets tomorrow to consider a proposal to issue convertible warrants on a preferential basis to the promoters, it said in a notice to the stock exchanges. The notice did not specify the size of the preferential issue or the conversion price of the warrants.

However, sources close to the company said that the preferential issue is expected to ultimately raise the promoters’ stake in the company to 51 per cent.

The company’s shares closed at Rs 2,131.75 on the BSE, down by 3.23 per cent from the previous close.

Taken from Business Line

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