Aditya Birla Fashion and Retail Ltd (ABFRL) announced on January 15 that its board has approved a preferential issue of equity shares and plans to raise significant funds through Qualified Institutional Placement (QIP).
The preferential issue comprises up to 4.08 crore equity shares to promoters at Rs 317.45 apiece and 3.96 crore shares to institutional investors at Rs 272.37 apiece. These deals, put together, are proposed to raise close to Rs 2,378.75 crore. This is pending shareholder approval which would be sought at a meeting on February 13, 2025.
The company has also approved raising up to Rs 2,500 crore through QIP for further strengthening its financial position to support initiatives of business growth.
At 10:30 am on January 15, the shares of ABFRL were trading steady at Rs 270 per share on the stock exchange.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com.
Source: Moneycontrol
News Desk
