Aditya Birla Fashion and Retail Limited board approves fund raising of Rs. 1000 crore

The Board of Directors of Aditya Birla Fashion and Retail Limited at its meeting held today considered and approved fund raising of Rs.1,000 Crore by way of a Rights Issue.

Further, the Board has approved issuance of equity shares of INR 10/- each on rights basis to the eligible equity shareholders of the Company as on the record date, for an amount not exceeding INR 1,000 crore, subject to such approvals, as may be required.

The Board/its duly authorized committee shall decide the detailed terms in relation to the Rights Issue.

Subject to finalization of the terms, the Promoter has informed that the Promoter and Promoter Group, collectively, intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional Equity Shares, amongst themselves, in the event of under-subscription of the said Issue, subject to applicable laws.

Shares of Aditya Birla Fashion and Retail Ltd was last trading in BSE at Rs.108.35 as compared to the previous close of Rs. 111.1. The total number of shares traded during the day was 80684 in over 2876 trades.

The stock hit an intraday high of Rs. 112.6 and intraday low of 107.5. The net turnover during the day was Rs. 8844026.

Source : Equity Bulls

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