24 May 2022, Mumbai:
Aditya Birla Fashion to raise Rs 2,195 crore of primary capital from GIC Post the entire investment, GIC will own around 7.5% equity stake in ABFRL. Aditya Birla Group will hold around a 51.9% stake in the company post the completion of this transaction.
Aditya Birla Fashion and Retail NSE -1.22 % Limited on Tuesday approved the raising of up to Rs 2195 crore by way of preferential issue of equity and warrants to an affiliate of GIC NSE -1.06 %, Singapore’s sovereign wealth fund. GIC will invest Rs 770 crore towards subscription of equity and warrants, followed by up to Rs 1425 crore in one or more tranches within 18 months upon exercise of warrants.
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Post the entire investment, GIC will own around a 7.5% equity stake in ABFRL while Aditya Birla Group will hold about a 51.9% stake in the company post the completion of this transaction. ABFRL said it plans to use this capital to accelerate its growth engine built around the strength of its current businesses along with a rapidly evolving play in emerging high-growth business models.
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CREDITS: Money Control ET Mint Business Today (The news article has not been edited by DFU Publications staff).
