Last update: August 30, 2022, 5:53 PM HST
India’s Competition Commission (ICC) announced on Tuesday that it has approved the acquisition of approximately 7.49% stake in Aditya Birla Fashion and Retail by Caladium Investment, a GIC investor.
“The Commission approves the acquisition of an approximate 7.49% stake in Aditya Birla Fashion and Retail Limited on a fully diluted basis by Caladium Investment Pte. Ltd (GIC Investor) by way of preferential issuance of shares and warrants,” the competition watchdog said in a tweet on Tuesday.
At the end of May, Aditya Birla Fashion and Retail Limited (ABFRL) announced that it would raise up to Rs 2,195 crore from Singapore’s sovereign wealth fund GIC. The Aditya Birla Group company’s board of directors has approved the proposal to raise Rs 2,195 crore through a preferential issue of shares and warrants to a subsidiary of GIC, according to a joint statement.
“GIC will now invest Rs 770 crore in equity and warrant subscription, followed by up to Rs 1,425 crore in one or more tranches within 18 months of exercise of the warrants. After the full investment, GIC will hold a 7.5% stake in ABFRL,” the statement added.
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