Aditya Birla Nuvo gains on applying to RBI for Banking License

Aditya Birla Nuvo Ltd. - (Amalgamated) | Diversified | Diversified | BSE: 500303 | NSE: ABIRLANUVO

01 Jul 2013 Evaluate

Aditya Birla Nuvo is currently trading at Rs. 1076.10, up by 12.95 points or 1.22% from its previous closing of Rs. 1063.15 on the BSE.

The scrip opened at Rs. 1063.15 and has touched a high and low of Rs. 1076.10 and Rs. 1063.15 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1190.95 on 23-Jan-2013 and a 52 week low of Rs. 738.15 on 03-Sep-2012.

Last one week high and low of the scrip stood at Rs. 1081.55 and Rs. 1013.60 respectively. The current market cap of the company is Rs. 12,935.00 crore.

The promoters holding in the company stood at 53.76%, while Institutions and Non-Institutions held 28.20% and 15.39% respectively.

Aditya Birla Nuvo (ABNL) has submitted its application to the Reserve Bank of India (RBI) on June 28, 2013 for the grant of the Banking License, in accordance with the Guidelines issued by RBI for licensing of New Banks in the Private Sector (RBI Guidelines). In terms of RBI Guidelines, Aditya Birla Finance, a wholly owned subsidiary of ABFSPL, the existing non-banking finance company, will be converted into a Bank. The company and its subsidiaries will comply with the RBI Guidelines.

Presently, Aditya Birla Financial Services (ABFSPL), a wholly owned subsidiary of ABNL, holds all entities engaged in financial services with the exception of life insurance i.e. Birla Sun Life Insurance Company (BSLI), which is directly held by the company. It is proposed that ABFSPL will be the Non-Operative Financial Holding Company (NOFHC) as stipulated in the RBI Guidelines. ABFSPL will be holding the entire financial services businesses. The transfer of BSLI under ABFSPL would be subject to regulatory approvals.

Aditya Birla Nuvo is a $4.5 billion conglomerate by revenue size. The company, part of Aditya Birla Group, is present across financial Services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses.

Aditya Birla Nuvo(Am Share Price

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Peers

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Grasim Industries	3113.20
DCM Shriram	1020.25
3M India	32395.00
Hindustan Foods	538.00
Balmer Lawrie & Co	183.75
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