Grasim minority shareholders clear Nuvo merger

Shareholders of Aditya Birla Nuvo will now meet on April 10th to vote on the merger proposal

Minority shareholders of Grasim Industries approved the merger proposal with Aditya Birla Nuvo in a shareholders’ meeting held on Thursday in Nagda, Madhya Pradesh, shrugging off concerns from advisory firms and large investors that the merger was a bad move.

When the merger was announced, Kumar Mangalam Birla, chairman of the Aditya Birla Group, came under attack from investors who said it was being done to raise the stake of the promoters in the merged “New Grasim” to 60 per cent. 

Grasim’s minority investors, who own a 68.7 per cent stake in the company, were also concerned that the cash-guzzling telecom business