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Aditya Birla Fashion and Retail Limited (ABFRL) has on Friday approved raising of ₹1,500 crore by way of the preferential issue to Flipkart Group. The equity capital will be raised at ₹205 per share. With this infusion, Flipkart Group will own 7.8% equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13% upon completion of the issuance.
The partnership is likely to transform apparel commerce in India and enable ABFRL to emerge as a robust omnichannel player, the company said in a statement.
Shares of the company are up for the third straight day and are currently trading 6.26 per cent higher at ₹163.
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