Aditya Birla Capital secures funding of Rs 3,000 crore

3 Jul 2023 , 11:10 AM

Aditya Birla Group’s financial services company announced on Friday that it raised Rs 3,000 crore. The amount raised includes Rs 1,750 crore from a qualified institutional placement (QIP) and Rs 1,250 crore from a preferential share issue to promoter entities Grasim Industries and Surya Kiran Investments.

The company’s sale of shares to institutional investors included buyers such as BlackRock, Norges Bank, and the Abu Dhabi Investment Authority.

The company issued the shares at Rs 175 each. The company’s shares closed at Rs 196.35 on the BSE on Friday, up 1.42% from Wednesday.

The QIP, Aditya Birla Capital’s first, launched on June 26 and was executed at the company’s floor price.

Capital Group, M&G Investments, Royal Bank of Canada, Massachusetts Institute of Technology, Public Sector Pension Investment Board, and SBI Life Insurance were among the foreign portfolio investors, domestic institutional investors, and sovereign wealth funds who took part in the QIP.

At around 11.03 AM, Aditya Birla Capital was trading 0.23% higher at Rs 196.75, against the previous close of Rs 196.30 on NSE. The counter touched an intraday high and low of Rs 199.30 and Rs 194, respectively.

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