AB Nuvo to transfer 23% in Idea Cellular to Grasim

Vodafone Idea (Image: Reuters)

Aditya Birla Nuvo has transferred its around 23 per cent stake in Idea Cellular to subsidiary firm Grasim Industries.

Idea Cellular, in a filing to BSE, said, "...837,526,221 equity shares of Rs 10 each (being 23.23 per cent of the total paid-up equity share capital) of Idea Cellular Limited held by erstwhile Aditya Birla Nuvo Limited have been vested in Grasim Industries Limited."

The transfer has been made pursuant to the composite scheme of arrangement between Aditya Birla Nuvo Limited and Grasim Industries Limited and Aditya Birla Financial Services Limited and their respective shareholders.

The scheme was approved by National Company Law Tribunal on June 1, 2017.

As per the today's closing price of Rs 89.9 a unit on BSE, the Idea shares transferred to Grasim are worth Rs 7,445 crore.