Aditya Birla Capital to raise Rs. 2,100 crore

Aditya Birla Capital is one of the largest financial services players in India has received approval from the board of directors to raise Rs. 2,100 crore. Shares of ABCL gained over 2 per cent intraday.

Aditya Birla Capital (ABCL) will raise primary equity capital of Rs. 2,100 crore through a preferential allotment to certain marquee investors and the Promoter / Promoter Group entities. The equity capital has been raised at Rs. 100 per share, which was at a 10.62% premium to the ABCL closing price of Rs. 90.40 as of September 4, 2019.

ABCL will raise Rs. 1,000 crore worth equity from Jomei Investments Ltd., which is an affiliate of Advent International, Rs. 100 crores from PI Opportunities Fund, an affiliate of Premji Invest, and another Rs. 1,000 crores from its promoter company Grasim Industries Limited ( Rs. 770 crores) and other promoter group entities ( Rs. 230 crores).

The shares of ABCL on Thursday opened at Rs. 91.10 against Wednesday’s close of Rs. 90.40. At closing hours it was trading at Rs. 91.45, gaining 1.16 per cent from its previous close. The stock hit an intraday high of Rs. 92.55 and intraday low was Rs. 91.10. Its 52-week high was Rs. 138.75 and 52-week low was Rs. 77.55 per share on the BSE.