How to Convert Old Grasim Share Certificates to Demat and Recover Them from IEPF

To convert an old Grasim Industries share certificate, first update the folio’s KYC with Grasim’s registrar, KFin Technologies, then open a demat account in the same name and hand in the certificate through your broker. If no dividend on the folio has been cashed for seven years in a row, the shares have usually gone to the IEPF, and you claim them back with Form IEPF-5.

But before any of that, work out what the certificate is worth. An old Grasim certificate almost never shows what you own today. Since 2010, Grasim has split its shares five-for-one and handed its shareholders shares in two other companies: UltraTech Cement in 2010 and Aditya Birla Capital in 2017. Many families never noticed either.

100 Grasim shares held in May 2010 are 500 Grasim, 57 UltraTech and 700 Aditya Birla Capital shares today, worth about ₹25.04 lakh (25 September 2026 prices).

This guide covers every situation we see with Grasim shares: what an old certificate is worth now, the 2010 cement demerger, the 2016 split, the 2017 Aditya Birla Capital shares, old certificates in other names, converting to demat, claiming from the IEPF, lost certificates, and shares of a holder who has died. If you would rather we checked your certificates for you, start with Find Your Shares.

How many shares does an old Grasim certificate represent today?

Look at the face value printed on the certificate first. ₹10 means it is from before October 2016. ₹2 means it is from after. Then find the row below that matches when the shares were held, and multiply the number of shares on the certificate by each figure in that row.

Three things to know when you use this table:

• Fractions were paid in cash, not rounded up. 100 shares × 4/7 is 57.14, so the holder got 57 UltraTech shares and a small cheque for the rest. The real count can be a share below the multiplied figure. That is normal.
• The old ₹10 certificate is no longer the share. After the 2016 split, ₹10 certificates were replaced by ₹2 ones. The old paper still proves the folio and the holding, so keep it.
• If your certificate is in another company’s name, see the other names section below.

The value today is the number of shares times the market price. On 25 September 2026, Grasim closed at ₹3,191, UltraTech at ₹11,155 and Aditya Birla Capital at ₹390.

What happened to Grasim shares over the years?

Three events changed every Grasim folio: the 2010 cement demerger, the 2016 split and the 2017 Aditya Birla Capital demerger. The order matters. The 2010 cement shares were worked out on the old ₹10 shares, six years before the split. Apply the split first and you would overstate the UltraTech holding five times over.

The difference that trips most people up: 2010 and 2017 were demergers. You kept your Grasim shares and got a second company’s shares on top. Samruddhi, Aditya Birla Nuvo and Aditya Birla Chemicals were mergers. Their shares were cancelled and replaced. A Samruddhi certificate is only UltraTech shares now; an Aditya Birla Nuvo certificate is only Grasim and Aditya Birla Capital shares.

Grasim’s 2024 rights issue offered new shares for payment. It did not add free shares, so if you did not pay for any, your count did not change.

Worked examples: what do 100 old Grasim shares become?

100 Grasim shares of ₹10, held in May 2010

• May 2010: keep 100 Grasim, plus 100 Samruddhi Cement shares
• August 2010: 100 Samruddhi → 57 UltraTech shares (plus cash for the fraction)
• October 2016 split: 100 Grasim → 500 Grasim
• July 2017: 500 Grasim → plus 700 Aditya Birla Capital shares
• Today: 500 Grasim (about ₹15.96 lakh) + 57 UltraTech (about ₹6.36 lakh) + 700 Aditya Birla Capital (about ₹2.73 lakh) = about ₹25.04 lakh

100 Grasim shares of ₹10, bought between June 2010 and September 2016

• October 2016 split: 100 → 500 Grasim
• July 2017: plus 700 Aditya Birla Capital shares
• Today: 500 Grasim + 700 Aditya Birla Capital = about ₹18.69 lakh

100 Aditya Birla Nuvo (or Indian Rayon) shares, held in July 2017

• July 2017 merger: 100 → 150 Grasim shares of ₹2
• July 2017 demerger: 150 Grasim → plus 210 Aditya Birla Capital shares
• Today: 150 Grasim (about ₹4.79 lakh) + 210 Aditya Birla Capital (about ₹0.82 lakh) = about ₹5.61 lakh

Values use closing prices on 25 September 2026 and move every day. On top of the shares come the dividends paid on all three holdings over the years, which are claimable too if they were never cashed. Not sure which case is yours? Send us the certificate details and we will work it out.

What if the certificate is in another company’s name?

Five older company names now lead to Grasim shares. If your certificate carries any of them, it is part of this story.

• Gwalior Rayon Silk Mfg. (Wvg.) Company: this is Grasim itself, before it was renamed in July 1986. Treat it exactly as a ₹10 Grasim certificate of the same date. These are the oldest folios and carry the 1988 bonus as well.
• Indian Rayon and Industries, later Aditya Birla Nuvo: merged into Grasim in July 2017. Every 10 shares became 15 Grasim shares of ₹2 and then brought 21 Aditya Birla Capital shares.
• Bihar Caustic & Chemicals, later Aditya Birla Chemicals (India): merged into Grasim in early 2016, at 1 Grasim share of ₹10 for every 16. After the split and the 2017 demerger, every 16 of those shares are 5 Grasim and 7 Aditya Birla Capital shares today.
• Samruddhi Cement: only UltraTech shares now, 4 for every 7.

If an old family file has several of these, they may all come back to one registrar, but each started as its own folio. How Grasim, L&T, Century and Kesoram certificates turn into UltraTech shares.

What about the UltraTech shares from 2010?

They are a separate holding in a separate company, and families forget them more than anything else. Paper holders got a Samruddhi Cement certificate in 2010, which was then replaced by an UltraTech one. UltraTech has not issued a bonus or split its shares since, so the count on that certificate is still the count today.

• 57 UltraTech shares are worth about ₹6.36 lakh at today’s price. For many families that is more than they think the whole Grasim folio is worth.
• The registrar is the same: KFin Technologies handles both Grasim and UltraTech, so one set of KYC documents serves both folios.
• Everything else is separate: its own folio, its own dividends, its own IEPF transfer, and its own IEPF-5 claim through UltraTech’s Nodal Officer.

How to recover old UltraTech shares.

What about the Aditya Birla Capital shares from 2017?

Every Grasim holder on the register in July 2017 got 7 Aditya Birla Capital shares for every 5 Grasim shares, and many paper holders have never claimed them. Aditya Birla Capital is the group’s financial services company, listed separately since September 2017. It has not issued bonus shares or split since, so the count from 2017 is the count today.

• It is a third holding: its own folio, its own dividends, its own IEPF transfer if they go unclaimed, and its own IEPF-5 claim.
• It was never shown on your Grasim certificate. If the family moved after 2017, the Aditya Birla Capital certificate may never have arrived. The shares are still traceable from the Grasim folio.
• Check its registrar on Aditya Birla Capital’s investor website before you write in, and quote your Grasim folio number.

How do you check and claim an unclaimed Grasim dividend?

If the dividend is less than seven years old, write to KFin Technologies, Grasim’s registrar, with your folio number, a cancelled cheque and a self-attested PAN copy. Dividends on a paper folio are now paid only by bank transfer, and only once the folio’s KYC is complete, so if it has not been updated for years, file Form ISR-1 with the registrar first.

If the dividend is more than seven years old, it has gone to the IEPF, the Investor Education and Protection Fund, a government fund that holds unclaimed money and shares until the owner claims them back. Grasim cannot pay it any more; you claim it with Form IEPF-5. How to recover a dividend transferred to the IEPF.

The bigger point: an unclaimed dividend is a warning about the shares. If no dividend on a folio is cashed for seven years in a row, the shares move to the IEPF too. Grasim pays a dividend every year, so it moves a batch of shares every year.

How do you convert old Grasim certificates to demat?

Open a demat account in exactly the name on the certificate, update the folio’s KYC with KFin Technologies, then give the valid certificates to your broker or bank with a demat request form. The registrar checks the folio and the signature and credits the shares to your demat account.

1. Work out which certificates are valid. Only the ₹2 certificates, issued from October 2016, can be converted. For an old ₹10 certificate, ask the registrar for the replacement ₹2 shares instead.
2. Open a demat account in the same name, or the same names in the same order for a joint holding.
3. Update KYC on the folio with Form ISR-1 (PAN, bank, contact details), and Form ISR-2 if your signature has changed. How to fix a signature mismatch.
4. Hand in the certificates with a demat request form through your broker or bank.
5. The shares arrive in your demat account, usually within a few weeks if the papers are in order.

Do the UltraTech and Aditya Birla Capital folios at the same time, into the same demat account. Since April 2019, paper shares cannot be sold or transferred until they are in demat. There is no deadline to demat shares already in your own name, but the longer you wait, the more likely the dividends go unclaimed and the shares move to the IEPF.

If the name on the certificate does not match your PAN card (initials, a maiden name, a changed spelling), fix it on the folio first with Form ISR-1 and a document that proves both names are yours. Fix it on the UltraTech and Aditya Birla Capital folios too; they carry the same old spelling.

How do you check if your Grasim shares have gone to the IEPF?

Search the IEPF Authority’s records at iepfa.gov.in for “Grasim Industries Limited” and the holder’s name. If no dividend on the folio has been cashed for seven years in a row, the shares have very likely moved. How to search the IEPF step by step.

• Search every old spelling of the holder’s name, and the joint holders’ names too. A folio from the 1970s often shows only initials.
• Search UltraTech Cement and Aditya Birla Capital separately. Their transfers are their own.
• Expect more than one entry. Shares from different events were often separate certificates, and can have moved in different years.

Shares moved to the IEPF keep collecting their benefits there. If your ₹10 Grasim shares moved before the 2016 split or the 2017 demerger, the split shares and the Aditya Birla Capital shares went to the IEPF too, and come back with your claim. If you find nothing, the shares may still be with Grasim, which is better news: you can demat them directly. We can run the search for you.

How do you recover Grasim shares from the IEPF?

Get an entitlement letter from KFin Technologies, file Form IEPF-5 online, then send the signed papers to Grasim’s Nodal Officer in Mumbai, who verifies them and reports to the IEPF Authority. The Authority then releases the shares, and the dividends it holds, to your demat account. Shares are only ever released into demat, never as paper.

1. Open a demat account in the claimant’s name. For a joint folio, the same names in the same order.
2. Complete KYC with KFin and ask for an entitlement letter. It states how many shares and how much dividend on your folio went to the IEPF. Since October 2025 it is a mandatory part of every IEPF-5 claim.
3. File Form IEPF-5 online and note the SRN, your claim number. How to file IEPF-5 online.
4. Send the physical documents to Grasim’s Nodal Officer, at the address on Grasim’s investor website: the signed IEPF-5 and acknowledgement, an indemnity bond, an advance stamped receipt, PAN, Aadhaar, a cancelled cheque, your client master list, the entitlement letter, and the original certificate if you have it.
5. Grasim verifies and reports to the IEPF Authority. The rules give the company 15 days and the Authority 60 days: 75 days on paper. Real claims usually take much longer, because papers go back and forth. What to do when an IEPF claim is stuck.

One IEPF-5 covers one company. An old Grasim folio can mean three claims: Grasim, UltraTech and Aditya Birla Capital, with three entitlement letters and three Nodal Officers. Claim only the number printed on your old certificate, and you leave the split shares, the UltraTech shares and the Aditya Birla Capital shares in the queue.

What if the Grasim certificates are lost?

If the shares are already in the IEPF, you usually do not need a duplicate. If they are still with Grasim, you do. When paper shares move to the IEPF they are converted to demat, so the paper no longer counts; you claim with IEPF-5 and the entitlement letter. Families often spend months getting a duplicate they never needed.

If the shares are still with Grasim, apply to KFin with Form ISR-4. The duplicate shares are credited straight into your demat account. What you need depends on what the lost shares are worth today:

• Up to ₹10,000: a simple undertaking on plain paper.
• ₹10,000 to ₹10 lakh: one standard affidavit-cum-indemnity bond.
• Above ₹10 lakh: the affidavit-cum-indemnity bond, plus a police report that mentions the folio and certificate numbers, plus a notice of the loss in a widely read newspaper.

With Grasim, ₹10 lakh is only about 313 shares at today’s price. A lost ₹10 certificate for 100 shares is 500 shares now, about ₹15.96 lakh, so it needs the full process. The value is always worked out on today’s count and price, not on what is printed on the paper. Open the demat account first: since 2 April 2026 duplicates are credited only to demat. The full duplicate process · Our lost shares recovery service.

Don’t know the folio number? Old dividend warrants, bank passbooks showing Grasim dividend credits, or any Grasim, Samruddhi or UltraTech letters can give it. With the holder’s name and an old address, the registrar can usually trace the folio.

What if the Grasim shareholder has died?

The shares pass to the nominee or legal heirs through transmission, handled by KFin Technologies, and are credited in demat. If one joint holder has died, the survivors only need the death certificate and their own KYC to have the name deleted. If the shares have also gone to the IEPF, the heir files the IEPF-5 as the claimant.

SEBI’s new transmission rules have applied since 22 August 2026. Physical shares worth up to ₹10 lakh per listed company now need only simplified documents, and the registrar has 21 days to process a complete request. The limit is per company, so Grasim, UltraTech and Aditya Birla Capital are counted separately. In our first example, the 57 UltraTech shares (₹6.36 lakh) and the 700 Aditya Birla Capital shares (₹2.73 lakh) each sit under the limit, while the 500 Grasim shares (₹15.96 lakh) are over it. Above the limit you usually need a succession certificate or legal heir certificate, unless there is a nominee or the other heirs give no-objection. See our guides to transmission of shares and transmission without a succession certificate.

Why not just hand the certificates to a local lawyer or agent?

Because a claim is only as good as the holding traced behind it, and with Grasim the certificate in your hand is rarely the whole story.

Take a family with a Grasim certificate for 100 shares of ₹10 from the 2000s. A generalist sees “100 shares” and prices the job on that. The folio actually leads to 500 Grasim, 57 UltraTech and 700 Aditya Birla Capital shares, about ₹25 lakh, in three companies, on several certificates, some of which the family may never have received. Some may sit with the company, some in the IEPF, moved in different years. Unless someone traces all of it, part of it is never claimed, and the family goes back to the queue for the rest.

We work the other way round. We trace the complete holding first: every certificate, every company name, the 2010 and 2017 demergers, the split, every IEPF transfer. Then a vetted local partner handles the paperwork where you live (affidavits, police report, newspaper notice, succession papers) on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So we only get paid if the whole chain works.

And the IEPF claim itself is decided in Delhi, where the IEPF Authority sits. Grasim verifies the claim in Mumbai, but the file then waits in Delhi for release. Our team is in Delhi, so we can follow your file up in person. For an IEPF claim, what matters is who is closest to the office that holds your file.

The document is only the start. After it come the KYC, the entitlement letters, the verification, the demat credit, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares. See how our IEPF claim service works.

Holding other old certificates too? See what happened to old L&T shares, old Reliance shares or Hindustan Lever shares. Grasim’s investor office is in Mumbai; our guide to share recovery in Mumbai covers the local side. The rules for old paper transfers are in physical shares to demat: the last date.

Not sure what your Grasim certificate is worth, or whether you also hold UltraTech and Aditya Birla Capital shares? Start with Find Your Shares →

Frequently Asked Questions

Who is the registrar for Grasim Industries?
KFin Technologies, in Hyderabad. It handles Grasim’s folios, dividends, demat requests, duplicates and IEPF entitlement letters. It is also UltraTech’s registrar.

What happened in the Grasim demerger?
There were two. In May 2010, Grasim moved its cement business out, and holders got UltraTech shares at 4 for every 7 Grasim shares of ₹10. In July 2017, Grasim moved out its financial services business, and holders got 7 Aditya Birla Capital shares for every 5 Grasim shares of ₹2. Both times, holders kept their Grasim shares.

Is a Gwalior Rayon certificate still valid?
It is a Grasim certificate: the company changed its name from Gwalior Rayon Silk Mfg. (Wvg.) Company to Grasim Industries in July 1986. The paper itself was replaced after the 2016 split, but it proves the folio, and the shares behind it are traceable today.

Do I still own Grasim shares if I held Aditya Birla Nuvo?
Yes. Aditya Birla Nuvo, earlier Indian Rayon, merged into Grasim in July 2017. Every 10 of its shares became 15 Grasim shares, which then brought 21 Aditya Birla Capital shares.

How long does a Grasim IEPF claim take?
The rules allow 75 days: 15 for Grasim to verify and 60 for the IEPF Authority to decide. In practice it takes longer, because documents are often returned for corrections. A complete, correct file the first time is what shortens it.

Do I have to pay SharesRecover anything upfront?
No. Zero advance — you pay only once the shares are credited to your demat account.