Aditya Birla Capital Approves Rs 1,250 Cr Preferential Issuance for Capital Expansion
Mumbai, 1 June: Leading financial services provider Aditya Birla Capital said today that its board of directors has approved the preferential share issuance of Rs 1,250 crore to its promoter and promoter related business. This issue is a part of the company’s authorised, up to Rs 3,000 crore, equity fundraising strategy.
Under the preferential issuance, Grasim will receive Rs 1,000 crore worth of shares, while Surya Kiran Investments will be allocated Rs 250 crore worth of shares, all priced at Rs 165 per share.
Aditya Birla Capital stated that the funds raised will be utilized to strengthen the capital base, enhance the solvency margin and leverage ratio, meet growth and funding requirements, and make investments in subsidiaries, associates, and joint ventures engaged in specific business sectors, as well as in technology, IT infrastructure, and digital platforms.
Shareholders will have the opportunity to approve the total fundraising proposal of up to Rs 3,000 crore during an extraordinary general meeting scheduled for June 24, 2023.
In related news, the shares of Aditya Birla Capital (AB Capital) concluded trading on Thursday, June 1, with a 0.91 percent increase, closing at Rs 171.70 per share on the Bombay Stock Exchange (BSE).
Aditya Birla Capital Limited has an excellent total asset under management (AUM) of over Rs 3.6 lakh crore as of March 31, 2023. This comprises a gross written premium of Rs 17,787 crore in the life and health insurance divisions and a total lending AUM of Rs 94,364 crore. For the fiscal year 2022–2023, the firm reported a consolidated revenue of Rs 29,999 crore and a profit after tax (excluding fair value gains) of Rs 2,057 crore.
About Aditya Birla Capital:
Aditya Birla Capital is a renowned financial services company based in India. With a wide range of offerings in the banking, insurance, and asset management sectors, the company has built a strong reputation in the market. Its commitment to growth and strategic investments positions it as a key player in the financial services industry.
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