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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Tue, May 24 2022. 02:19 IST
HSBC Swings The Axe At UK Wealth In An AI Push
HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more
Kraken's Owner Buys A Bank: The Lines Are Blurring
Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more