Aditya Birla Fashion and Retail Ltd. (ABFRL) announced on Wednesday that its board has approved a plan to raise a total of Rs 2,378.75 crore through a combination of promoter and market funding.
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The proposal includes the issuance of up to 4.08 crore shares with a face value of Rs 10 each at a price of Rs 317.45 per share, which will generate Rs 1,297.50 crore for Pilani Investment and Industries Corporation, a promoter group entity. In addition, up to 3.96 crore shares, priced at Rs 272.37 per share, will be offered to Qualified Institutional Buyers (QIBs), totaling Rs 1,081.25 crore.
The QIBs involved in this fundraising include prominent investors such as Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth Commingled Pool, Fidelity Blue Chip Growth K6 Fund, Fidelity Series Blue Chip Growth Fund, and FIAM Target Date Blue Chip Growth Commingled Pool.
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To formalize this, the ABFRL board has scheduled an Extraordinary General Meeting (EGM) for February 13, 2025, to seek approval for the proposed fundraise.
At the time of reporting, ABFRL shares were trading at Rs 270.20 on the NSE, showing a modest increase of 0.04% from the previous day’s close.
