SEBI exempts Aditya Birla from share listing

08 September 2022, Mumbai:

Market regulator SEBI has granted Aditya Birla Fashion and Retail Limited exemption over listing of shares worth Rs 2,195 crores allotted to Caladium Investment, a foreign portfolio investor.

Based on the in-principle approval received from the stock exchanges, the Aditya Birla Group firm had made an application to the stock exchanges who approached SEBI and sought an exemption.

Under rule 19(2) (b) of SCRR, exemptions are granted to listed companies from making public issue for listing of securities different from the existing listed securities.

Earlier, ABFRL had announced to raise up to Rs 2,195 crores from Singapore’s sovereign wealth fund GIC. And GIC will invest Rs 770 crores now towards subscription of equity and warrants, followed by up to Rs 1,425 crores in one or more tranches within 18 months upon exercise of warrants. Post the entire investment, GIC will own a 7.5 per cent equity stake in ABFRL. After the transaction, Aditya Birla Group will hold a 51.9 per cent stake in the firm.

ABFRL under Madura Fashion and Lifestyle business is a repertoire of leading apparel brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England while its international brand portfolio includes The Collective, India's largest multi-brand retailer of international brands, Simon Carter and select mono-brands such as Forever 21, American Eagle, Ralph Lauren, Ted Baker and Fred Perry. It also owns fashion retail chain Pantaloons having over 370 stores spread across 180 cities.

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