Record date for Grasim's shareholders to be entitled for 7 shares of ABCL (Aditya Birla Capital Ltd) for every 5 shares of Grasim is 20th July, implying ex-date to be 18th July. Grasim shares from 18th July will trade ex of ABCL share value of ~ Rs 204/share which is benchmarked to recent transaction value of Rs 313 bn of Premji Investments (PI). We ascribe 40% discount to Grasim holdings of Ultratech and ABCL which is similar to long term average of holdco discount being ascribed to Grasim's holding in Ultratech. We arrive at fair value of Grasim at Rs 1,384/share valuing holding in Ultratech and ABCL at present market cap and transaction value of Premji Investments respectively. Maintain Neutral.