Mumbai, Oct 23 (IANS): Shares of Aditya Birla Style and Retail surged over 14 per cent on Friday afternoon after the corporate introduced that Flipkart Investments Pvt Ltd will make investments Rs 1,500 crore to choose up a stake of seven.8 per cent within the former.
Round 1.10 pm, shares of Aditya Birla Style had been buying and selling at Rs 175.70 on the BSE, greater by Rs 22.30 or 14.54 per cent from its earlier shut.
The fairness capital will likely be raised at Rs 205 per share. The promoter and promoter group corporations of ABFRL will maintain about 55.13 per cent upon completion of the issuance.
ABFRL will use this capital to strengthen its steadiness sheet and propel its progress ambition with renewed vigour, stated an announcement.
The corporate plans to scale up its play in rising high-growth vogue classes, together with innerwear, athleisure, informal and ethnic put on, establishing these as the brand new engines of progress for the corporate.
Moreover, ABFRL will speed up the execution of its large-scale digital transformation technique that can deepen its client join and increase its backend capabilities, positioning it amongst essentially the most complete omni-channel vogue gamers within the nation.