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Private equity firm Premji Invest has agreed to buy 2.2 per cent stake in Aditya Birla Capital Ltd, formerly Aditya Birla Financial Services Ltd, which is slated to be the holding company of the financial services businesses of the Aditya Birla Group.
In a press release, the Aditya Birla group said that the transaction value ABCL is at ₹32,000 crore. Based on the numbers, the investment is likely to be around ₹704 crore. Aditya Birla Capital had entered into a composite scheme of arrangement with Aditya Birla Nuvo Ltd and Grasim Industries, based on which the financial services undertaking of Grasim will be transferred to and vested in ABCL by way of demerger effective July 4, 2017.
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