Aditya Birla Nuvo Ltd has announced that the company would raise Rs 4,200 crore through preferential allotments of warrants to promoters / promoters group.

In a release, company said that its board has approved raising of Rs. 4,200 crore via issue of 2.05 crore warrants of face value of Rs 10 each to promoter / promoter group on preferential allotment basis, entitling the holder of warrant to apply for and obtain allotment of one equity share against each warrant for an aggregate amount of Rs 4,200 crore (Rs 2,048.80 pre share).

Aditya Birla Nuvo Ltd is a diversified conglomerate within Aditya Birla Group, with a consolidated turnover of Rs.82,580 million for FY 2006-2007. It is a leading player in most of its business segments, including viscose filament yarn (VFY), carbon black, branded garments, fertilisers, textiles and insulators. Over the past years, Aditya Birla Nuvo, through its subsidiaries and joint ventures, has made successful forays into life insurance, telecom, business process outsourcing (BPO), IT services, asset management and other financial services, striking a balance between value businesses and high growth businesses.

At 12:15 pm, the stock was quoting at Rs. 2242 on BSE, up 5% from its previous close of Rs. 2132. It has touched an intraday high of Rs. 2251 and low of Rs. 2022.