Aditya Birla Capital Allots NCDs Worth Rs 1,300 Crore On Private Placement Basis

Aditya Birla Capital Ltd. allotted non-convertible debentures worth Rs 1,300 crore on a private placement basis. The NCDs were allotted to the Asian Infrastructure Investment Bank on Monday.

The company allotted 1.30 lakh unlisted, senior, rated, secured, redeemable, locked-in and interest-bearing NCDs in Indian rupees. The NCDs had a face value of Rs 1 lakh per debenture, taking the total to Rs 1,301.25 crore.

The company has fixed the coupon rate as 7.5330% per annum.

Earlier this month, institutional investors including Motilal Oswal Mutual Fund, Mirae Asset and Goldman Sachs picked up shares offloaded by a prominent shareholder. Blackrock, HSBC Mutual Fund and Edelweiss Mutual Fund are also among the other buyers.

During the deal, private equity firm Advent International, through special purpose vehicle Jomei Investments Ltd., offloaded 2.34 crore shares or a 0.89% stake at Rs 242.65 apiece.

ABCL had secured board approval to raise Rs 2,100 crore in primary equity capital through a preferential allotment to select marquee investors, including Advent International and the company's promoters.

Shares of Aditya Birla Capital closed 2.70% higher at Rs 276.60 apiece on the National Stock Exchange, compared to a 0.47% decline in the benchmark Nifty. The stock has risen 15.87% in the last 12 months and 55.55% year-to-date.

All the 10 analysts tracking the company gave a buy rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 4.6%.