Aditya Birla Capital Limited ("ABCL" or "the Company"), had announced on May 11, 2023 that its Board of Directors had approved a fund raise of up to Rs. 3,000 crores.
In a follow-up to this, today, the Company's Board of Directors approved preferential issuance of Rs. 1,250 crores to its Promoter and Promoter Group entity, out of the total approved equity fund raise of upto Rs. 3,000 crores. The preferential issuance will be undertaken at the price of Rs. 165.1 per equity share, as per SEBI ICDR Regulations and is subject to shareholder approval.
The participation from the Promoter and Promoter Group would be as follows:
- ~ Rs 1,000 crores from Grasim Industries Limited (Promoter)
- ~ Rs. 250 crores from Surya Kiran Investments Pte. Ltd. (Promoter Group entity)
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.
The extraordinary general meeting of shareholders of the Company ("EoGM") is scheduled to be held on June 24, 2023 for seeking an approval of the total fund raise proposal of upto Rs. 3,000 crores.
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, Aditya Birla Capital Limited manages aggregate assets under management of about Rs. 3.6 lac crores with a total lending AUM of Rs. 94,364 crores and gross written premium of Rs 17,787 crores in Life and Health Insurance businesses. It reported consolidated revenue of Rs. 29,999 crores and a profit after tax of Rs. 2,057 crores (excluding fair value gains) for FY 2023.
Shares of Aditya Birla Capital Limited was last trading in BSE at Rs. 171.70 as compared to the previous close of Rs. 170.15. The total number of shares traded during the day was 650580 in over 1904 trades.
The stock hit an intraday high of Rs. 172.40 and intraday low of 170.25. The net turnover during the day was Rs. 111533719.00.