Aditya Birla Capital Limited (ABCL) will raise ₹2,100 crore equity capital through a preferential allotment to investors and the promoters.
The equity capital will be raised at ₹100 per share, which is at a 10.62% premium to the ABCL closing price of ₹90.40 as of September 4, the company said in a statement.
Jomei Investments Limited — an entity affiliated with U.S.-based private equity firm Advent International — would invest ₹1,000 crore while PI Opportunities Fund — an entity affiliated with Premji Invest — would invest another ₹100 crore.
The remaining ₹1,000 crore will be invested by promoter Grasim Industries (₹770 crore) and promoter group entities (₹230 crore).
“Upon the completion of the issuance, Advent, through its affiliate, will hold approximately 4.15% of ABCL’s equity capital, while Premji Invest, through its affiliates, will hold approximately 4.11% of ABCL’s equity capital,” the company said in a statement.
The promoter and promoter group entities will hold about 70.54 % in ABCL after the issue.
The money will be used to fund the future growth of the company’s businesses as well repay outstanding debt, ABCL said.
