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Aditya Birla Capital Ltd (ABCL) is planning to raise Rs 2,100 crore through issuance of equity shares on a preferential basis to Jomei Investments Ltd, promoter Grasim Industries, members of the promoter group and PI Opportunities Fund-I.
The financial services conglomerate of the Aditya Birla Group is seeking to mop up Rs 1,000 crore and Rs 770 crore from Jomei Investments Ltd and Grasim Industries, respectively. Towards this end, the company will be issuing 10 crore and 7.70 crore fully paid up equity shares at a price of Rs 100 (including a premium of Rs 90) to Jomei and Grasim, respectively.
ABCL is planning to mobilise Rs 230 crore and Rs 100 crore from members of the promoter group and PI Opportunities Fund-I, respectively. The company will be issuing 2.30 crore and 1 crore fully paid up equity shares at a price of Rs 100 (including a premium of Rs 90) to members of the promoter group and PI Opportunities Fund-I, respectively.
The preferential allotment will be made to any or all of the promoter group -- Surya Kiran Investments Pte. Ltd, IGH Holdings Private Ltd and Investment and Industries Corporation Ltd.
ABCL said the proceeds would be used for its long-term resources including for servicing and/ or repayment of debts, capital expenditure, investment in subsidiaries/joint ventures of the company for various purposes, including but not limited to fund their business growth, capital adequacy, business purposes and for general corporate purposes as per company’s and its subsidiaries/ joint ventures growth and business related plans from time to time.
After the preferential allotment, Grasim Industries and promoter group will have a stakeholding of 54.29 per cent (55.97 per cent prior to the allotment) and 16.26 per cent (16.76 per cent) in ABCL, respectively. Further, Jomei and PI Opportunities Fund-I will hold 4.15 per cent stake and 3.86 per cent stake, respectively in ABCL.
ABCL has convened an Extra-Ordinary General Meeting of the shareholders October 5 to approve the preferential allotment of equity shares.
Aditya Birla Capital, which is a part of the Aditya Birla Group, managed aggregate assets worth over Rs. 3 lakh crore and has a consolidated lending book of over Rs. 61,900 crore, through its subsidiaries and joint ventures as at June-end 2019.
The company has businesses such as non-banking finance, housing finance, mutual fund, life insurance, health insurance, general insurance broking and stock and securities broking.
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