Grasim Industries Updates on allotment of shares

Grasim Industries Ltd has announced that about the following:

1. Pursuant to the Scheme of Arrangement for Demerger of Cement Business of Aditya Birla Nuvo Ltd (formerly Indian Rayon And Industries Ltd.) (ABNL) with the Company, 3 Shares of the Company were allotted against every 10 Shares of ABNL held by the Shareholders of ABNL as on July 30, 1999, being the Record Date fixed by ABNL for the said purpose.

2. Out of the Shares allotted pursuant to the aforesaid Scheme of Arrangement, 15,831 shares were kept in abeyance in Share Capital Suspense Account as the title of the eligible Shareholders of ABNL was not clear. ABNL has now advised the Company that out of the said 15,831 shares, 180 Shares of the Company are required to be allotted to 1 shareholder of ABNL as their title has now been cleared by the Hon'ble Special Court.

3. Accordingly, out of the aforesaid 15,831 Shares kept in abeyance in Share Capital Suspense Account, 180 fully paid up equity shares of Rs 10/- each have been allotted by the Company on March 12, 2007. The said Shares shall rank pari passu with the existing equity shares of the Company.

Source : Equity Bulls

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