 "Aditya Birla Capital")
Shares of Aditya Birla Capital (ABCL) hit a 52-week high of Rs 188.05, as they gained 4 per cent on the BSE in Tuesday’s intra-day trade after the company announced that it launched a qualified institutional placement (QIP) issue. The issue opened on June 26, 2023. The company set a floor price of Rs 175.99 per share.
The average trading volumes on the counter more-than-doubled today. A combined 11.1 million shares had changed hands on the NSE and BSE till 11:20 AM. In comparison, the S&P BSE Sensex was up 0.20 per cent at 63,094.
ABCL is the holding company for the financial services businesses of the Aditya Birla Group. ABCL is a financial solutions group that caters to diverse needs of its customers across their life cycle.
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The funds raised are planned to be used for augmenting the capital base, improving the solvency margin and leverage ratio, meeting the growth and funding requirements and to make investments in one or more subsidiaries/associates/joint ventures of the Company engaged in certain businesses and technology, IT infrastructure and digital offering platforms.
ABCL through its subsidiaries/ JVs has a strong presence across Protecting, Investing and Financing solutions catering to the diverse needs of its customers across their life cycle.
As of March 31, 2023, ABCL manages aggregate assets under management of about Rs 3.6 trillion with a total lending AUM of Rs 94,364 crore and gross written premium of Rs 17,787 crore in Life and Health Insurance businesses. It reported consolidated revenue of Rs 29,999 crore and a profit after tax of Rs 2,057 crore (excluding fair value gains) for the financial year 2022-23 (FY 2023).
