Aditya Birla Fashion and Retail Ltd. on Wednesday raised nearly Rs 4,900 crore by selling shares to promoter entity via preferential issue and qualified institutional placement.
Under the preferential issue, ABFRL sold over four crore shares worth Rs 1,297 crore to promoter Pilani Investment and Industries Corp. The shares were issued at Rs 317.45 apiece. The investment increases the promoter entity's shareholding from 0.37% to 3.9%.
The company also raised Rs 1,081 crore from marquee US asset manager Fidelity Investments under the non-promoter category. Nearly four crore shares were sold at Rs 272.37 apiece.
Four affiliate funds of Fidelity collectively picked up 3.45% stake in Aditya Birla Fashion.
Another Rs 2,500 crore was raised through QIP, as per plans announced in September last year. The company did not disclose the name of the investors.
Aditya Birla Fashion Share Price
Shares of Aditya Birla Fashion and Retail were trading 0.26% higher at Rs 270.8 apiece as of 11:05 am. This compared to a 0.3% advance in the benchmark Nifty 50.
The stock has risen 17% in the last 12 months.
Three out of the 22 analysts tracking ABFRL have a 'buy' rating on the stock, eight recommend a 'hold' and 11 suggest a 'sell', according to Bloomberg data. The average 12-month analyst price target of Rs 311 implies a potential upside of 14.8%.
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