Merger with Aditya Birla Fin to complete in 6 mos, says Aditya Birla Cap CEO
This story was originally published at 19:16 IST on 30 October 2024
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--Aditya Birla Cap: Merger with Aditya Birla Fin to be completed in next 6 mos
By Kshipra Petkar
MUMBAI – The merger of Aditya Birla Finance Ltd with Aditya Birla Capital Ltd is expected to be completed in the next six months, said Vishakha Mulye, the chief executive officer of Aditya Birla Capital, in the post-earnings analyst call.
On Sept. 18, the Reserve Bank of India issued its no-objection for the merger of Aditya Birla Capital and Aditya Birla Finance. The holding company had made its application to the National Company Law Tribunal, Ahmedabad. During the quarter, Aditya Birla Capital concluded the sale of their broking insurance subsidy.
On Wednesday, the company reported its net profit for the September quarter rising to INR 4.03 billion from INR 910.6 million a year ago. Sequentially, the bottom line of the non-banking finance company increased nearly 11 times. On the National Stock Exchange, the shares of Adity Birla Capital closed 5.3% higher at INR 215.37 on Wednesday. End
Edited by Akul Nishant Akhoury
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