Tuesday, June 18, 2024

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Aditya Birla Group plans to invest Rs 1250 crore into its financial services arm

Aditya Birla Group plans to invest Rs 1250 crore in its financial services company, Aditya Birla Capital Ltd. Furthermore, the board of Aditya Birla Capital Ltd, which offers loans, manages assets and provides insurance, has approved the issuance of Rs 1250 crore to its promoter and promoter group entity.

ABCL (the core company of Aditya Birla Group) recently announced its plans to raise Rs 3000 crore. Moreover, the CEO and managing director, Vishakha Mulye, stated that any of the company’s businesses requiring capital will receive the necessary funds to support their growth.

ABCL mentioned that the preferential issuance will be carried out at a price of Rs. 165.1 per share, and it is dependent on the approval of the shareholders.

On Thursday, company share closed 0.91 percent up at 170.70 a piece on the BSE.

Grasim Industries, the main company of the Aditya Birla Group, will invest Rs 1000 crore, and another group entity called Surya Kiran Investments will invest Rs 250 crore in the preferential issue, according to the statement.

The funds raised will be utilized to increase the company’s capital, strengthen its solvency margin and leverage ratio, and meet the needs for growth and funding.

Additionally, the funds will be used in one or more subsidiary companies, associate companies, or joint ventures of ABCL that are involved in specific businesses, technology, IT infrastructure, and digital platforms for offering services.

ABCL will hold an extraordinary general meeting on June 24 to seek approval for the proposal to raise funds of up to Rs 3000 crore, as stated in the statement.

What does Aditya Birla Group do?

Aditya Birla Capital Limited (ABCL) serves as the company responsible for overseeing the financial services businesses within the Aditya Birla Group. Moreover, the subsidiaries of ABCL have established a strong presence in offering solutions pertaining to protection, investment, and financing.

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