Aditya Birla Capital on Thursday received its board's approval to raise Rs 2,100 crore from private equity firms and promoter entities. The proceeds will be used to pay outstanding debt and fund growth.
The amount will be raised by preferential allotment of equity shares to marquee investors. “The equity capital will be raised at Rs 100 per share, which is at a 10.62 per cent premium to the closing price of Aditya Birla Capital of Rs 90.4 as of September 4", the company said in a statement.
US-based private equity firm Advent International will put in Rs 1,000 crore via its affiliate Jomei Investment Limited and India-based private equity firm Premji Invest will put in Rs 100 crore via its affiliate PI Opportunities Fund.
“Upon the completion of the issuance, Advent, through its affiliate, will hold approximately 4.15 per cent of Aditya Birla Capital’s (ABCL) equity capital, while Premji Invest, through its affiliates will hold approximately 4.11 per cent of ABCL’s equity capital”, the company said.
Apart from this, the promoter of ABCL, Grasim Industries will put in Rs 770 crore. Other promoter entities will also put in Rs 230 crore in ABCL. Post the transaction, the promoter and promoter group entities will hold about 70.54 per cent in ABCL.
ABCL has assets worth over Rs 3 trillion under management and has a loan book of Rs 62,000 crore across its NBFC and HFC arms. Its insurance arm has a gross written premium of around Rs 8,000 crore.
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