India's Aditya Birla Capital to merge with financial unit
India's Aditya Birla Capital Ltd (ABCL) said on Monday it will merge with its unit Aditya Birla Finance and turn into an operating non-banking financial company from a holding company.
India's (ABCL) said on Monday it merge with its unit Aditya Birla and turn into an operating non-banking financial company from a holding company.On a proforma basis, total assets of the merged company as of Dec. 31 stood at 1.10 trillion rupees ($13.30 billion), and it expects an around 150 basis point increase in total , it said in a statement.
After the merger, Aditya Birla would be a unified entity with "greater financial strength and flexibility enabling direct access to capital," it said, adding that there would be no change in the shareholding structure and management.
ABCL's have gained 8.1% so far this year after rising 10.8% in 2023.
($1 = 82.7210 Indian rupees)
Source: Stocks-Markets-Economic Times
