ABFRL Announces Massive Fundraise to Propel Growth

Aditya Birla Fashion and Retail Ltd has received board approval to raise Rs 2,378.75 crore through shares issued to promoters and market. The process involves issuing shares to promoter group and Qualified Institutional Buyers. An extraordinary general meeting is set for February 2025 to finalize plans.

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced plans to raise Rs 2,378.75 crore in funding, following the board's approval for the substantial capital increase.

The company's strategy includes issuing 4.08 crore shares to Pilani Investment and Industries Corporation, a promoter group entity, valued at Rs 1,297.50 crore, and 3.96 crore shares to Qualified Institutional Buyers in a non-promoter category, amounting to Rs 1,081.25 crore, according to a regulatory filing.

An extraordinary general meeting is scheduled for February 13, 2025, to secure shareholder approval for the fundraise, with ABFRL shares recently trading at Rs 270.20, up slightly by 0.04% on the NSE.

(With inputs from agencies.)