Aditya Birla Nuvo gains despite subsidiary surrendering Category ‘B’ COR to RBI

     

     Aditya Birla Nuvo’s subsidiary - ABNL INVESTMENT has voluntarily surrendered the Category ‘B’ Certificate of Registration (COR) of Non Banking Finance Company (NBFC) (Non Accepting Deposits) to Reserve Bank of India (RBI) and has requested cancellation of the said registration.
     Aditya Birla Nuvo’s subsidiary - ABNL INVESTMENT has voluntarily surrendered the Category ‘B’ Certificate of Registration (COR) of Non Banking Finance Company (NBFC) (Non Accepting Deposits) to Reserve Bank of India (RBI) and has requested cancellation of the said registration.
     The company has taken this step as the income from its non-FINANCIAL assets is more than the income arising out of the financial assets and that it does not intend to carry on the business of NBFC activities.
     Aditya Birla Nuvo is a $4.5 billion conglomerate by revenue size. The company, part of Aditya Birla Group, is present across financial Services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses
     The promoters holding in the company stood at 57.23 % while Institutions and Non-Institutions held 27.45 % and 12.88 % respectively.
     BSE 'A' group share of  face value Rs 10 has touches 52 week high of Rs. 1515.00 on 09-Jun-2014 and a 52 week low of Rs. 996.40 on 22-Aug-2013.
      Current price share is 1430.00 up by Rs 9.60 points from its previous closing of Rs 1420.40 on the BSE.