ABFRL to raise $500 million through preferential issue and QIP
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Aditya Birla Fashion and Retail Limited (ABFRL) said its board has approved raising of $500 million through a combination of preferential issuance and Qualified Institutional Placement (QIP) of equity shares. The preferential issuance of $275 million will be led by the promoter group investing $150 million and Fidelity Investments investing $125 million. The promoter participation is at a premium of 17.5% over Tuesday closing price, signalling conviction in the value creation potential of ABFRL, it said. The preferential allotment will be subscribed by Fidelity Investments through its funds - Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth Commingled Pool, Fidelity Blue Chip Growth K6 Fund, Fidelity Series Blue Chip Growth Fund & FIAM Target Date Blue Chip Growth Commingled Pool. The Board also approved an equity issuance through QIP for up to $225 million, taking the total fund raise to $500 million. "This combined fun...
