Aditya Birla Fashion and Retail rights issue of Rs995cr to open on July 8

As per terms of payment of issue price, the investors will have to pay 50% of the subscription amount upfront, with the rest payable in two tranches of 25% each in January 2021 and July 2021.

Jun 30, 2020 10:06 IST India Infoline News Service

Aditya Birla Fashion
Aditya Birla Fashion and Retail Limited (ABFRL) said in the BSE filing that it will be launching a rights issue at Rs995cr on July 8, 2020.

Promoter and Promoter Group of ABFRL, to fully subscribe to the extent of their Rights Entitlement and do not intend to renounce such rights, except to the extent of renunciation within the Promoters and Promoter Group; and subscribe to any additional Equity Shares in the Issue, amongst themselves, for ensuring subscription to the extent of at least 90% of the Issue (in case of under-subscription below 90% in the Issue) and such subscription shall be subject to applicable laws, the company said in the filing.

The stock is currently trading at Rs127.70, up by Rs1.9 or 1.51% from its previous closing of Rs125.80 on the BSE.

As per terms of payment of issue price, the investors will have to pay 50% of the subscription amount upfront, with the rest payable in two tranches of 25% each in January 2021 and July 2021. Existing shareholders are eligible for nine shares for every 77 existing shares held by them.

The size of the issue is 9,04,65,693 partly-paid up equity shares of the face value of Rs10 each for an amount aggregating to ~Rs995cr.

According to Rights entitlement ratio, 9 partly-paid Rights Equity Shares for every 77 existing fully-paid shares held by Eligible Equity Shareholders as on the Record Date.

ABFRL receives Rights Issue Renunciation ISIN Number, the company added.

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