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

Aditya Birla Fashion and Retail

“There are talks going on with several players with GIC of Singapore leading the race,'' said a banker

The board of is meeting on Tuesday to discuss selling a minority stake to 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 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

RECENT NEWS

JPMorgan's Berlin Moment: Chase Takes On Europe

There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more

What Strategy's Bitcoin Sale Really Tells Us

There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more

Coutts Sets Scope On New Continent

Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more

From Cypherpunk To Citadel

How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more

ACB Securities: Building Scale, Trust & Innovation

ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more

War Risk Returns To Markets As VIX Surges

For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more