Aditya Birla Capital shares climbed 4% today. Here's why

Shares of Aditya Birla Capital gained on Monday after the financial services company said its stakeholders relationship committee has approved the allotment of 7,57,11,688 shares at a price of Rs 165.10 a piece to Grasim Industries and Surya Kiran Investments, a member of promoter group, for an aggregate consideration of Rs 1,249.99 crore.

Aditya Birla Capital announced allotting 6,05,69,351 shares to Grasim Industries and Rs 1,51,42,337 shares to Surya Kiran Investments. Grasim Industries owned 1,30,92,40,000 shares or 54.15 per cent stake in Aditya Birla Capital as on March 31. Surya Kiran Investments, on the other hand, owned 2,25,07,000 shares or 0.93 per cent stake in the company.

Promoters together hold 71.02 per cent stake in Aditya Birla Capital.

Shares of Aditya Birla Capital rose 3.54 per cent to settle at Rs 181.20 on BSE.

The board of Aditya Birla Capital had in May approved raising of Rs 3,000 crore. The NBFC had on Saturday at an EGM received 99.69 per cent shareholders votes in favour of issuance of equity shares on a preferential basis for an aggregate consideration not exceeding Rs 1,250 crore. Besides, it received 99.86 per cent votes in favour of a special resolution seeking issuance of securities for an aggregate consideration not exceeding Rs 1,750 crore.

A report by ET NOW quoting sources suggested that the NBFC may launch the qualified institutional placement (QIP) of around Rs 1,750 crore, saying several West Asia-based sovereign funds including the ADIA have shown interest. The company, though, denied ET NOW queries saying it did not want to comment on speculations.

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