Mumbai: Aditya Birla Nuvo''s board on Jan 9, cleared a proposal to issue 2.05 crore shares via preferential warrants to its promoters. Mr Adesh Gupta, Chief Financial Officer, indicated that it will be at a little over Rs 2,000. The promoters will need to put upfront, 10 per cent of the purchase consideration or approximately Rs 425 crore for the allotment. The diversified group with interests, among other things, in telecom, financial services, BPO and textiles, plans to mop up Rs 4,200 crore in the next 18 months to expand its business, primarily in insurance and financial services divisions. The company had earlier declared a capital expenditure of around Rs 400 crore for insurance, Rs 120 crore for BPO and Rs 110 crore for apparel retail. The insurance division of the group Birla Sun Life Insurance grew to 6.5 per cent in the second quarter of financial year 2008 from 5.3 per cent in fiscal 2007. The company has called for an extraordinary general meeting on February 6 for obtaining the clearance of the shareholders to the said preferential issue.
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