27 Sep 2023 , 08:00 AM
Aditya Birla Capital announced on Tuesday that it has invested Rs 750 crore in its wholly-owned subsidiary Aditya Birla Finance through a rights subscription.
‘ABCL is making the investment in ABFL to meet its growth and funding requirements, as well as to improve its leverage ratio,’ Aditya Birla Capital said in a statement.
Aditya Birla Capital received shares on a rights basis on Tuesday, according to the business.
Aditya Birla Finance’s assets under management (AUM) amounted to Rs 85,891 crore as of June 30, up 49% over the previous year. The financial infusion by the Aditya Birla Group company comes barely a day after Bajaj Finance announced that its board of directors will meet on October 5 to discuss raising funds through a preferential share issuance or a qualified institutional placement.
While it may appear that this fundraising is intended to boost expansion, Bajaj Finance may be amassing a war chest in anticipation of the debut of Jio Financial Services.
In a similar turn of events, Aditya Birla Capital may be strengthening its balance sheet in order to boost its position in the rapidly growing non-bank finance business ahead of Jio’s debut.
Aditya Birla Capital raised Rs 3,000 crore in the previous quarter through the preferential issue of shares to the promoter group and a QIP.
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