Aditya Birla Capital on June 1 announced that its board has approved preferential issuance of Rs 1,250 crore to its promoter and promoter group entity out of the total approved equity fundraising of up to Rs 3,000 crore.
Of the Rs 1,250 crore fundraising, Grasim will be issued Rs 1,000 crore shares and Surya Kiran Investments Rs 250 crore at Rs 165 per share.
"The funds raised are planned to be used for augmenting the capital base, improving the solvency margin and leverage ratio, meeting the growth and funding requirements and making investments in one or more subsidiaries/associates/joint ventures of the company engaged in certain businesses and technology, IT infrastructure and digital offering platforms," AB Capital said in a statement.
The extraordinary general meeting of shareholders of the company is scheduled to be held on June 24, 2023, for seeking approval of the total fundraising proposal of up to Rs 3,000 crore.
Meanwhile, shares of AB Capital on Thursday (June 1) closed 0.91 percent higher at Rs 171.70 apiece on BSE.
As of March 31, 2023, Aditya Birla Capital Limited manages aggregate assets under management of about Rs 3.6 lakh crore with a total lending AUM of Rs 94,364 crore and gross written premium of Rs 17,787 crore in life and health insurance businesses. The company had reported consolidated revenue of Rs 29,999 crore and a profit after tax of Rs 2,057 crore (excluding fair value gains) for FY2023.
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