Aditya Birla Capital on Monday announced that the company has launched a qualified institutional placement (QIP) issue. The issue opened on 26 June, 2023.
The floor price of the said QIP is set at ₹175.99 per share, the financial services company said in a regulatory filing.
“We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue, in terms of Regulation 171(b) of the SEBI ICDR Regulations, is 26 June, 2023 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹ 175.99 per Equity Share,” said Aditya Birla Capital in its regulatory filing.
Earlier this month, Aditya Birla Capital said that the board of directors has approved preferential issuance of ₹1,250 crore to Grasim and Surya Kiran Investments. This issuance is a follow-up of ₹3,000 crore equity fundraising that was approved earlier last month.
Both Grasim and Surya Kiran Investments are part of the promoter and promoter group entity in Aditya Birla Capital. As per the regulatory filing, the company will raise ₹1,000 crore from Grasim and ₹250 crore from Surya Kiran Investments.
The company’s board approved equity fundraising of up to ₹3,000 crore on May 11, 2023.
As of March 31, 2023, Aditya Birla Capital manages aggregate assets under management of about ₹3.6 lakh crore with a total lending AUM of ₹94,364 crore and gross written premium of ₹17,787 crore in Life and Health Insurance businesses.
In FY23, the company posted consolidated revenue of ₹29,999 crore and a profit after tax of ₹2,057 crore (excluding fair value gains).
ABCL through its subsidiaries/JVs has a strong presence across Protecting, Investing, and Financing solutions catering to the diverse needs of its customers across their life cycle.
On Monday, the company’s share closed 3.54 per cent up at ₹181.20 on BSE.
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Updated: 26 Jun 2023, 08:12 PM IST