Aditya Birla Capital Raises Money Through QIP
Shares of Aditya Birla Capital gained marginally on Monday after the company raised Rs 3,000 crore through Qualified Institutional Payments (QIP) on June 30.
Aditya Birla Capital shares were up 0.10 percent at Rs 196.5 at 1.35pm on the National Stock Exchange. The shares have gained 11.55 percent in the last five days when Aditya Birla Capital announced its plan to raise capital.
The company had raised Rs 1,750 through QIP and Rs 1,250 through preferential issuance of equity shares to promoter Grasim Industries and promoter entity Surya Kiran Investments, it said in an exchange filing.
QIP allows companies to raise capital from domestic markets without the need to submit any pre-issue filings to market regulators. Only institutional investors can participate in such an issue.
The board of directors had approved the allotment of 10 crore shares at an issue price of Rs 175 each.
BlackRock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, Abu Dhabi Investment Authority, Massachusetts Institute of Technology, Public Sector Pension Investment Board, and SBI Life Insurance and others participated in the QIP, said the company.
The fundraise was Aditya Birla Capital’s first QIP transaction. It saw strong response from marquee foreign portfolio investors, sovereign wealth funds and domestic institutional investors.
In FY23, the company’s total revenue grew 35 percent on-year to Rs 30,201 crore. Aditya Birla’s net profit increased almost three times to Rs 4,706 crore year-on-year in the same period, while EBITDA margins grew 893 basis points on-year in FY23.
​Aditya Birla Capital offers end-to-end lending, financing, and wealth management solutions.
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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