Century Textiles has allotted 10.18 million shares to two companies controlled by Aditya Birla Group chairman Kumar Mangalam Birla. After conversion into equity shares, the allocation will raise the promoter group’s holding from 45.22 per cent to 50.21 per cent. Century Textiles is controlled by the BK Birla group. Century Textiles allotted 4.10 million shares to Aditya Marketing and Manufacturing and 6.08 million shares to IGH Holdings upon conversion of warrants. Both these companies are clubbed under promoter group companies.

In May last year, Century Textiles had issued 18.65 million warrants without disclosing the names of the companies. BK Birla, chairman of the group, wants his grandson Kumar Mangalam Birla to take over his flagship Century Textiles, which has interests in cement, rayon and paper.

Century Textiles had in October appointed Kumar Mangalam Birla as vice-chairman. Kumar Mangalam Birla has been consolidating his control over Century Textiles in the past few years. The huge real estate holdings of Century Textiles in central Mumbai makes it the most valuable firm in the BK Birla group.

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