Aditya Birla Fashion shares surge 15% as Flipkart to buy 7.8% stake in co
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MUMBAI, Oct. 23 -- Shares of Aditya Birla Fashion & Retail Ltd (ABFRL) jumped as much as 15.29% after the company on Friday said its board approved raising Rs.1500 crore through preferential issue of equity shares to Flipkart Group at Rs.205 per share.
At 01:30 pm, Aditya Birla Fashion stock was at Rs.174.40, up 13.69% from its previous close, while the benchmark index, Sensex gained 0.38% to 40711.98.
With this infusion, Flipkart Group will own 7.8% equity stake in Aditya Birla Fashion and Retail on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13% upon completion of the issuance.
ABFRL plans to use this capital to strengthen its balance sheet and accelerate its growth trajectory. The com...
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