ABB India gains 4% on board nod for demerger of power grid biz

ABB India shares rose 4 per cent to Rs 1,378 in intra-day trade on the BSE on Friday after its board approved the demerger of the company's power grids (PG) business to ABB Power Products and Systems India (APPSIL).

After the demerger, the minority shareholders will be issued one share of APPSIL, which will be listed on the stock exchanges, for every five shares held in ABB India.

PG business had a turnover of Rs 4,172 crore for the financial year 2018 (FY18). This accounts for 38.4 per cent of total turnover of the company for FY18 and includes revenues