Aditya Birla Capital To Raise INR 1250 Crore Investments The fundraise is to be used for augmenting the capital base, improving the solvency margin and leverage ratio, meeting the growth and funding requirements

By Teena Jose

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Aditya Birla Capital Limited (ABCL), the holding company of the group's financial services business, on Thursday said it plans to raise INR 1,250 crore through a preferential issue of shares to its promoter and promoter group companies, according to a PTI report.

In an official statement, ABCL said the preferential issuance will be undertaken at a price of INR 165.1 per equity share and is subject to shareholders' approval. Shares of the company closed 0.91% up at INR 171.70 a piece on the BSE on Thursday.

Group flagship Grasim Industries also will invest INR 1,000 crore while Surya Kiran Investments, another group entity, will invest INR 250 crore in the preferential issue. The funds raised will be used for augmenting the capital base, improving the solvency margin and leverage ratio, meeting the growth and funding requirements. They will also be deployed in one or more subsidiaries/associates/joint ventures of ABCL engaged in certain businesses and technology, IT infrastructure and digital offering platforms, the statement added.

According to the report, ABCL also plans to invest in associates and joint ventures engaged in specific businesses, technology, IT infrastructure, and digital offering platforms. Shareholder approval for this fundraise will be sought in an extraordinary general meeting scheduled for June 24.

A general meeting of ABCL will be held on June 24 for seeking an approval of the total fund raise proposal of up to INR 3,000 crore, the statement said.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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