Aditya Birla Nuvo, a part of Aditya Birla group, today said it would acquire 56 per cent stake in Chennai-based stock broking firm Apollo Sindhoori Capital for Rs 198.81 crore.
The board of directors of Aditya Birla Nuvo at its meeting today, have approved the acquisition of over 3.10 crore equity shares representing 56 per cent of the equity share capital of Apollo Sindhoori for Rs 198.81 crore, Aditya Birla Nuvo said in a filing to the Bombay Stock Exchange.
However, the company said the purchase of the equity shares would be concluded upon completion of the open offer, which is required to be made by Aditya Birla Nuvo to the shareholders of Apollo Sindhoori Capital as per SEBI Regulations.
The Aditya Birla group has presence in mutual fund and insurance domain.
Shares of the company were trading at Rs 1,325, up 1.22 per cent on the BSE in morning trade.
