CCI approves Flipkart-Aditya Birla Fashion deal

Competition Commission of India (CCI) has approved Flipkart’s acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail. Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group.

While Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis, promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance.