Aditya Birla Fashion and Retail Limited gets CCI nod for preferential issue to Flipkart

Aditya Birla Fashion and Retail Limited had earlier approved issuance of equity shares on a preferential basis to Flipkart for an amount aggregating upto ₹1500 Crore ("Preferential Issue").

In addition to approval of shareholders by way of Postal Ballot (received on November 22, 2020), the issue was subject to regulatory approvals and completion of customary closing conditions under the Investment Agreement ("said Agreement").

In this regard, CCI has accorded its approval to Flipkart for its proposed acquisition of 7.8% equity stake in the Company on a fully diluted basis vide its approval letter dated January 20, 2021.

The completion of the Preferential Issue remains conditional upon the fulfilment of the said customary conditions.

Shares of Aditya Birla Fashion and Retail Ltd was last trading in BSE at Rs.173.15 as compared to the previous close of Rs. 174.15. The total number of shares traded during the day was 91407 in over 1406 trades.

The stock hit an intraday high of Rs. 175.7 and intraday low of 173.1. The net turnover during the day was Rs. 15957433.

Source : Equity Bulls

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