Aditya Birla Fashion and Retail Limited board approves rights issue

The Board of Directors of Aditya Birla Fashion and Retail Limited ["the Company"] at its meeting held today have considered and approved the terms of the Rights Issue.

The board has approved issue of 9,04,65,693 partly-paid up equity shares of face value of INR 10 each for amount aggregating to ~INR 995 Crore (assuming full subscription).

The shares will be issued at a price of Rs. 110 per fully paid-up equity share (including a premium of INR 100 per Equity Share). The payment should be made in 3 installments. On application Rs. 55 (Face Value: Rs. 5, Premium: Rs. 50) should be paid, on 1st call (January 2021) Rs. 27.5 (Face Value: Rs. 2.5, Premium: Rs. 25) should be paid and on 2nd call (July 2021) the balance Rs. 27.5 (Face Value: Rs. 2.5, Premium: Rs. 25) should be paid.

The rights entitlement ratio is fixed as 9 partly-paid Rights Equity Shares for every 77 existing fully-paid shares held by Eligible Equity Shareholders as on the Record Date.

Wednesday, July 1, 2020 has been fixed as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue ["Eligible Equity Shareholders"].

The issue opens for subscription on Wednesday, July 8, 2020 and closes on Wednesday, July 22, 2020.

Prior to the Rights Issue the company had outstanding equity shares of 77,39,84,262 Equity Shares of [face value of INR 10 each] which will increase to 86,44,49,955 Equity Shares of [face value of INR 10 each] after the rights issue assuming full subscription of the issue.

Shares of Aditya Birla Fashion and Retail Ltd was last trading in BSE at Rs.130.2 as compared to the previous close of Rs. 137.5. The total number of shares traded during the day was 295658 in over 6718 trades.

The stock hit an intraday high of Rs. 139.65 and intraday low of 128.1. The net turnover during the day was Rs. 39807935.

Source : Equity Bulls

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