Aditya Birla Fashion to raise $500 million equity via preferential issue, QIP
The HinduThe board of Aditya Birla Fashion and Retail Ltd on Wednesday approved raising of $500 million through a combination of preferential issuance and Qualified Institutional Placement of equity shares. The preferential issuance of $275 million will be led by the promoter group investing $150 million and Fidelity Investments investing $125 million, the company said. Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth Commingled Pool, Fidelity Blue Chip Growth K6 Fund, Fidelity Series Blue Chip Growth Fund & FIAM Target Date Blue Chip Growth Commingled Pool. The Board also approved an equity issuance through QIP for up to $225 million, taking the total fund raise to $500 million “This combined fund raise will deleverage the company and position it to aggressively pursue its growth strategy through its multiple growth engines established over the last few years,” the company said.
History of this topic
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