Grasim's Shareholders Give Green Signal To Nuvo Merger

The minority shareholders of Grasim Industries have given their green signal, clearing the major hurdle in the way of the mega merger proposal with Aditya Birla Nuvo, in a shareholders meeting held on Friday.

The company before this, had kept the voting open for the last one month so that shareholders could vote through both postal ballots and e-voting, wherein more than 92% of the shareholders cast their vote in favour of the resolution.

The required 75% voting in favour of the special resolution from the minority shareholders was received after the Aditya Birla Group decided to merge its cash-guzzling telecom business, Idea Cellular with Vodafone on March 20, that would make it India’s largest telecom player with 40% market share.

The shareholders of Grasim who own 68.7% stake in the company, were earlier worried that after this merger with Nuvo, the cash would be used for Idea Cellular’s operations, which will not be the case after the Idea-Vodafone merger.

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About Suhani Varma

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