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Aditya Birla Nuvo gets approval for merger with Grasim Industries

12 Apr 2017 Evaluate

Aditya Birla Nuvo’s shareholders have approved the proposal to merge with its group company Grasim Industries. Investors voted on the proposal at the National Company Law Tribunal convened meeting held on April 10, 2017.

Overall, the proposal was passed with 96 per cent of shareholders, including the promoter, voting in favour of the resolution. The resolution was approved by about 99 per cent of minority shareholders. Among the institutional investors, 76 per cent voted in favour, while the remaining opposed the proposal. About 157 members, including institutional investors owning 4,992,846 shares accounting for 4.45 per cent of vote casted, were against the merger proposal.

Peers
Company Name CMP
Grasim Industries 2738.35
DCM Shriram 1172.90
3M India 31479.65
Hindustan Foods 516.55
Balmer Lawrie & Co 172.10
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