homefinance NewsRs 2,100 crore fundraising meets requirement for next 18–24 months, says Aditya Birla Capital
Rs 2,100-crore fundraising meets requirement for next 18–24 months, says Aditya Birla Capital
Aditya Birla Capital raises 2 thousand 1 hundred crores via preferential issue to advent international, Premji-Invest and Grasim and other promoter group holding companies. Promoter group's stake in AB Capital will now come down to 70.54 percent from 72.74 percent. Nisha Poddar caught up with Ajay Srinivasan, CEO of the company to get the details.
Aditya Birla Capital has raised Rs 2,100 crore via preferential issue to Advent International, Premji Invest and by the two promoters Grasim Industries Ltd and group entities. Ajay Srinivasan, the Chief Executive Officer at Aditya Birla Capital, spoke to CNBC-TV18 about the deal.
“We are raising Rs 2,100 crore as equity through a preferential issue that is split into three broad categories of investors. Rs 1,000 crore is coming from a private equity firm called Advent, Rs 1,000 crore is coming from the promoter and the promoter group itself and another Rs 100 crore is coming from an existing investor Premji-Invest,” Srinivasan said on Thursday.
“Broadly, the use of this fund is going to be the mix of both, repayment of debt that we have in our holding company level and obviously funding growth in the environment in which we see ourselves currently operating in,” he added.
“Two years ago we listed our company. We have grown fairly significantly in that period and we thought this is, therefore, a good time to raise this capital,” said Srinivasan.
“We think this Rs 2,100 crore meets our requirements for broadly 18-24 months. The variable is the growth rate we see over that period, which we cannot foresee at this point in time,” he said.
First Published: Sept 5, 2019 1:15 PM IST
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