Fair trade regulator Competition Commission of India (CCI) has approved the merger of Aditya Birla Chemicals (India) Ltd with its group company Grasim Industries Ltd. In February this year, Aditya Birla Chemicals and Grasim Industries had announced their merger to consolidate similar businesses of the group under one roof. Aditya Birla Chemicals said in a regulatory filing today that it has received a communication dated September 8 from CCI, approving its amalgamation with Grasim Industries Ltd.
Separately, Grasim Industries also informed the stock exchanges about the CCI approval. In February, the board of Grasim Industries had approved to give shareholders of Aditya Birla Chemicals one share of Rs 10 each of Grasim for every 16 shares of Rs 10 each they held in Aditya Birla Chemicals. Under the deal, Grasim would issue 14.62 lakh new shares, which will increase its share capital to Rs 93.31 crore.
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