Aditya Birla Fashion To Sell Minority Stake To Private Equity Firms
On Monday, the stock closed flat at Rs 273 a share, thus, giving a total market valuation of Rs 25,618 crore to the company
Topics
Aditya Birla Fashion and Retail | Stake sale | Private equity firms
“There are talks going on with several players with GIC of Singapore leading the race,'' said a banker
The board of Aditya Birla Fashion and Retail is meeting on Tuesday to discuss selling a minority stake to private equity firms to raise up to Rs 2,300 crore.
The company will utilise the funds to grow its offline business, which is witnessing a sharp turnaround after two years of slowdown due to the pandemic. The Aditya Birla group currently owns 56 per cent stake in the company and the promoters would continue to retain a majority stake, said a banker close to the development.
“There are talks going on with several players with GIC of Singapore leading the race,'' said a banker.
On Monday, the stock closed flat at Rs 273 a share, thus, giving a total market valuation of Rs 25,618 crore to the company.
In the March quarter, the company’s revenue grew 25 per cent to Rs 2,283 crore over pre-Covid levels as well as over the same period of last fiscal. It also announced a 58 per cent increase in its earnings before depreciation, interest and tax at Rs 401 crore.
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First Published: Tue, May 24 2022. 02:19 IST
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