In a strategic move, Aditya Birla Fashion and Retail (ABFRL) has unveiled its plan to secure Rs 750 crore in funding, with the process set to commence on or after September 4. This financial endeavor will be executed through the issuance of debt bonds via private placement, as confirmed by ABFRL in a recent regulatory statement.
The company’s official filing elaborated on the fundraising approach: “The Company proposes to raise funds by issuing 75,000 listed, unsecured, rated, redeemable non-convertible debentures of face value of Rs 1,00,000 (Rupees One Lakh only) each issued at par, aggregating to Rs 7,50,00,00,000 (Rupees Seven Hundred Fifty Crores Only), on a private placement basis, on or after September 4, 2023.”
In a separate announcement, ABFRL disclosed the successful completion of its acquisition of a 29 percent stake in TCNS Clothing Co Limited through an open offer. The financial value of this newly acquired stake is estimated at over Rs 941 crore.
This development follows ABFRL’s earlier acquisition of a 51 percent stake in TCNS, a transaction amounting to approximately Rs 1,650 crore, as previously reported. This strategic maneuver underscores ABFRL’s commitment to expanding its footprint in the fashion and retail sector.
About Aditya Birla Fashion:
Aditya Birla Fashion and Retail Limited is engaged in the production and sale of clothing, footwear, and leather goods. The company provides a wide range of apparel options, including western, ethnic, formal, party, and active wear for men, women, and children. In addition to clothing, the company also offers a selection of accessories such as footwear, handbags, cosmetics, fragrances, fashion jewelry, and watches.
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