- Advertisement -
Monday, March 8, 2021
- Advertisement -

Aditya Birla Capital to raise Rs 2,100 crore from Advent, Premji Invest, others

ABCL will raise equity capital at Rs 100 per share, which is at a 10.62 percent premium to the closing price of Aditya Birla Capital of Rs 90.4 as of September 4, subject to requisite approval

00:04:17

Charlie Chaplin – The King Of Comedy | Rare Video

A quick look at a rare genius entertainer 'Charlie Chaplin - The King Of Comedy' who made the world laugh… Sir Charles Spencer "Charlie" Chaplin...
00:47:53

Queen Bey Of Hollywood – Beyoncé Knowles | Exclusive Video

Here's the Queen Bey Of Hollywood 'Beyoncé Knowles' exclusive video which you'll have never seen. Beyoncé Knowles is a multi-platinum, Grammy Award-winning recording artist who's...
00:13:04

Throwback Video: Launch Party Of Saif Ali Khan And Jackie Shroff’s Film Tum

Watch the launch party of the Hindi film 'Tum' starring Saif Ali Khan, Aftab Shivdasani and Jackie Shroff in lead roles.

Aditya Birla Capital Ltd (ABCL), the holding company of all the financial services of the Aditya Birla Group, on Thursday said its board has approved raising Rs 2,100 crore through preferential issue of equity shares.

“The company has received approval from its board of directors to raise primary equity capital of Rs 2,100 crore through a preferential allotment of equity shares to certain marquee investors and promoter group entities,” Aditya Birla Capital said in a filing to the Bombay Stock Exchange.

ABCL will raise equity capital at Rs 100 per share, which is at a 10.62 per cent premium to the closing price of Aditya Birla Capital of Rs 90.4 as of September 4, subject to requisite approval.

US-based private equity firm Advent International will invest Rs 1,000 crore, while PremjiInvest, the family investment arm of Wipro, will pump in Rs 100 crore via primary equity capital.

The company will raise another Rs 1,000 crores from its promoter, Grasim Industries (Rs 770 crore) and by other promoter group entities (Rs 230 crore).

“ABCL has entered into definitive share subscription agreements with Jomei Investments, an affiliate of Advent, and PI Opportunities Fund, an affiliate of Premji Invest,” the company said.

Following the completion of the issuance, Advent, through its affiliate, will hold approximately 4.15 per cent of ABCL’s equity capital, while Premji Invest, through its affiliates will hold approximately 4.11 per cent of ABCL’s equity capital. The promoter and promoter group entities will hold about 70.54 % in ABCL.

“The funds raised will be utilised to fund the future growth of the company’s businesses as well as to repay outstanding debt,” it added.

ABCL has aggregate average assets under management (AAUM) across asset management and insurance businesses of over Rs 3 lakh crore, a lending book of Rs 62,000 crore across its non-banking and housing finance businesses, and gross written premium of over Rs 8,000 crore.

Commenting on the development, ABCL Chief Executive Ajay Srinivasan, said: “This investment reflects not only the commitment of the Aditya Birla Group to our financial services business, but also the partnership and recognition of a marquee global investor such as Advent International and the continued commitment and conviction of Premji Invest.”

Boosted by the development, shares of Aditya Birla Capital closed trade at Rs 91.45 apiece, up 1.16 per cent, on the BSE on Thursday.

For latest entertainment news, bollywood news, hollywood news, celebrity gossips, latest movie reviews, entertainment news and gossips in hindi - follow Lehren on Facebook, Twitter and Youtube.

↓       Scroll down for next story      ↓

00:01:20

Farhan Akhtar To Make ZNMD 2 Featuring Alia Bhatt?

Do you remember the Hindi film ‘Zindagi Na Milegi Dobara’ that released a decade ago. The film was directed by Zoya Akhtar and produced...
00:01:30

Taapsee Pannu Breaks Silence On 3 Days Of Income Tax Raid

Taapsee Pannu has finally broken her silence three days after the Income Tax raid at her house. The IT departed conducted raids at homes...
00:01:28

Here’s What Taapsee Pannu’s Boyfriend Did After IT Raid At Her Home

Actress Taapsee Pannu is hitting the headlines for all the wrong reasons these days. Her house and office was recently raided by the Income...
- Advertisement -