Aditya Birla Capital Block Deal: Advent International Offers 1.4% Stake For Rs 856 Crore

US private equity firm Advent International is set to reduce its shareholding in Aditya Birla Capital Ltd. via open market transactions on Wednesday.

Advent affiliate Jomei Investments has offered to sell 3.6 crore shares or 1.4% equity via block trade mechanism, according to the term sheet accessed by NDTV Profit. The firm set floor price at Rs 237.81 apiece, a 2% discount to last close price on NSE.

At this price, the deal is valued at Rs 856 crore.

Advent held 3.84% equity in Aditya Birla Capital as of March, as per shareholding data on the exchanges.

The lockup period for the offloaded shares will be 30 days.

The US firm had invested Rs 1,000 crore in 2020 in Aditya Birla Capital through a preferential issue. It was allotted 10 crore fully paid-up equity shares for Rs 100 apiece.

Based on the floor price, Advent is likely to make a return of 138% on its investment.

Aditya Birla Capital share price settled 1% higher at Rs 242.66 apiece on the NSE, compared to a flat benchmark Nifty 50. The stock has risen 4% in the last 12 months and 36% so far this year.