Without any sale of equity shares, Aditya Birla Capital Limited (ABCL), formerly known as Aditya Birla Financial Services, made a debut on the bourses on Friday. Shares of ABCL got listed at Rs 261.20 on BSE. The stock fell by 5%, hit its lower circuit and ended the session at Rs 248.15. A total of 50.59 lakh shares changed hands in both the exchanges. The market capitalisation of the company stood at Rs 54,615.51 crore. The financial services arm of the Aditya Birla Group had its shares listed in a trade-to-trade (T- Group) segment which does not allow intra-day trading. The listing of Aditya Birla Capital Limited (ABCL) is the composite scheme of arrangement under which Aditya Birla Nuvo was merged with Grasim Industries and the financial services business got subsequently demerged into ABCL.
Aditya Birla Group chairman Kumar Mangalam Birla rang the opening bell to signal the listing of ABCL. Speaking on the occasion Birla said, “The integration of all our financial services businesses under one corporate listed structure enables us to accelerate our already splendid growth. With the listing of ABCL we also unlock embedded value for investors, positioning us for future growth.” The newly formed Aditya Birla Capital has business interest in life insurance, asset management, private equity, corporate lending, structured finance, general insurance broking, wealth management, equity, currency and commodity broking, online personal finance management, housing finance, pension fund management and health insurance. For financial year 2016-17, aggregate revenue of ABCL stood at Rs 106 billion and profit before tax at Rs 11.5 billion.