Flipkart to buy 7.8% stake in ABFRL for Rs 1,500 crore
Aditya Birla Fashion and Retail (ABFRL) would raise Rs 1,500 crore from Flipkart, the company informed stock exchanges on Friday.
The money would be raised through preferential allotment of shares to Flipkart, who will own 7.8 per cent stake in ABFRL. The issue price of the preferential allottment is set at Rs 205, which is 33.63 per cent higher than Thursday's closing price of Rs 153.40.
ABFRL board approved issuance of equity shares on a preferential basis to Flipkart Investments Private Limited, a foreign portfolio investor, duly registered under the Sebi (Foreign Portfolio Investors) Regulations, 2019, aggregating to Rs 1500 crore, the company told BSE.