Aditya Birla Fashion approves issuance of equity shares to Flipkart Investments, aggregating to Rs1,500cr

The company plans to issue 7,31,70,732 fully paid-up equity shares, at a price of Rs205 per share on a preferential basis.

Oct 23, 2020 12:10 IST India Infoline News Service

Aditya Birla Fashion and Retail Limited has inter alia approved issuance of equity shares on a preferential basis to Flipkart Investments Private Limited, a foreign portfolio investor, aggregating to Rs1,500cr.

“The company has also, in furtherance of the existing B2B arrangements with Flipkart India Private Limited, entered into a commercial agreement in relation to the sale and distribution of various brands of the company. The Preferential Issue is subject to shareholders’ approval (by way of postal ballot), regulatory approval(s) and other customary conditions,” the company said in a regulatory filing on Friday.

The company plans to issue 7,31,70,732 fully paid-up equity shares, at a price of Rs205 per share (face value of Rs10 each) aggregating to Rs1500cr, ranking pari passu to the existing fully paid-up equity shares.

The percentage of post allotment shareholding is 7.8%.

Aditya Birla Fashion & Retail Ltd is currently trading at Rs173.30, up by Rs19.9 or 12.97% from its previous closing of Rs153.40 on the BSE.

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