QIP transaction. Aditya Birla Capital raises ₹3,000 crore from marquee investors and promoter group

BL Mumbai Bureau Updated - July 01, 2023 at 11:16 AM.
File photo: Kumar Mangalam Birla, Chairman, Aditya Birla Group

Aditya Birla Capital Limited has announced the completion of a ₹3,000 crore fundraise, through a Qualified Institutional Placement (QIP) of equity shares aggregating to ₹1,750 crore and a preferential issuance of equity shares worth ₹1,250 crore to its Promoter and Promoter Group entity, Grasim Industries Limited and Surya Kiran Investments Pte. Ltd., respectively.

The Stakeholders Relationship Committee of the Board of Directors of the company, at its meeting held on Friday, approved the issue and allotment of 10,00,00,000 equity shares of face value ₹10 each to eligible Qualified Institutional Buyers at the issue price of ₹175 per Equity Share (including a premium of ₹165 per equity share), aggregating to ₹1,750 crore.

The company’s first-ever QIP transaction has witnessed a strong response from marquee foreign portfolio investors, sovereign wealth funds and domestic institutional investors, including BlackRock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, Abu Dhabi Investment Authority (ADIA), Massachusetts Institute of Technology (MIT), Public Sector Pension Investment Board (PSP), and SBI Life Insurance.

Also read: CCI approves acquisition of TCNS Clothing by Aditya Birla Fashion

Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “This investment underscores Aditya Birla Group’s commitment to our rapidly growing financial services business. The active participation of blue-chip investors serves as a resounding vote of confidence in the company’s strategy and growth platform. The Indian financial services industry will form the bedrock of the country’s economic progress and we hold firm in our belief that Aditya Birla Capital will successfully fulfill its commitment to empower the financial aspirations of millions of customers.”

Published on July 1, 2023 03:20

This is a Premium article available exclusively to our subscribers.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.
Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

TheHindu Businessline operates by its editorial values to provide you quality journalism.

This is your last free article.