Financial services company Aditya Birla Capital is looking to raise Rs 1,250 crore by way of preferential issuance of equity shares to promoters -- Grasim Industries and Surya Kiran Investments.
The board of Aditya Birla Capital in its meeting on Thursday approved preferential issuance.
After the announcement, shares of Aditya Birla Capital gained nearly 2 percent in trade to hit a fresh 52-week high of Rs 176.55 on the BSE on Friday.
According to the company, the preferential issue is part of a Rs 3,000 crore equity fundraising that was approved by the board earlier last month. The preferential issue would be undertaken for Rs 165.1 per equity share.
Of the total Rs 1,250 crore, Aditya Birla Capital will raise Rs 1,000 crore from promoter Grasim and Rs 250 crore from promoter group entity Surya Kiran Investments.
The funds raised would be used for augmenting the capital base, improving the solvency margin as well as leverage ratio, meeting the growth and funding requirements, and making investments in one or more subsidiaries/joint ventures of the firm engaged in certain businesses and technology, IT infrastructure, and digital offering platform.
The extraordinary general meeting of shareholders of the company is scheduled to be held on June 24 for seeking approval of the total fund mobilisation proposal of up to Rs 3,000 crore.
Aditya Birla Capital, a holding company for the financial services businesses of the Aditya Birla Group, manages aggregate assets under management of about Rs. 3.6 lakh crore with a total lending AUM of Rs 94,364 crore as of March 2023.
Shares of Aditya Birla Capital are currently trading at Rs 172.80, up 0.64 percent.
