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.
