 "Kumar Mangalam Birla")
The board of Aditya Birla Fashion and Retail (ABFRL) on Tuesday approved raising up to Rs 2,195 crore by way of preferential issuance of equity and warrants to an affiliate of GIC, Singapore’s sovereign wealth fund (GIC), the company said in a statement.
GIC will first invest Rs 770 crore towards subscription of equity and warrants, followed by up to Rs 1,425 crore in one or more tranches within 18 months upon exercise of warrants.
Post investment, GIC will own approximately 7.5 per cent equity stake in ABFRL, while Aditya Birla Group will hold 51.9 per cent stake.
ABFRL will
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