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Business

Flipkart To Buy 7.8% Stake In Aditya Birla Fashion And Retail

October 24, 2020
Flipkart -To -Buy- 7.8% -Stake -In -Aditya -Birla -Fashion -And -Retail

Aditya Birla Fashion and Retail approved raising of Rs 1,500 crore from Flipkart Investments Private Limited, a foreign portfolio investor, by issuing preferential equity shares.

Following this transaction, Flipkart will own a 7.8 per cent stake in ABFRL.
The issue price of equity shares set at Rs 205 piece, a 33.64 per cent premium from ABFRL’s.
Following the announcement, the stock jumped 6.88 per cent to hit an intraday high of Rs 163.9 piece so far.

“The Company has also, in furtherance entered into a commercial agreement in relation to the sale and distribution of various brands of the Company,” ABFRL said in an exchange filing.

The preferential issue is subject to the approval of shareholders (by way of the postal ballot), regulatory approvals, and other customary conditions, the filing said.

The promoter group companies of ABFRL would hold about 55.13 percent upon completion of the issuance.

“The Investment Agreement inter-alia provides for some rights such as preemption rights and right of first refusal which are for a limited period of between 1-5 years from the date of allotment of equity shares or if the equity shareholding of the Investor falls below a certain threshold,” ABFRL said.

Separately, the company has also informed that Flipkart is entitled to appoint an observer as an invitee to the ABFRL board.

Reacting to development, Kumar Mangalam, Chairman Aditya Birla Group, speaks, “This partnership is an emphatic endorsement of the growth potential of India. It also reflects our strong conviction in the future of apparel industry in India.
Fashion retail in India has set robust long-term growth due to strong fundamentals of a large and growing middle class and favorable demographics.
“Rapid growth of technology infrastructure would further accelerate this process.

ABFRL is planning to use this capital to strengthen its balance sheet as well as to accelerate its growth trajectory.

“The company plans aggressively to scale-up its existing businesses where it holds strong, market-leading positions while increasing presence in emerging high-growth categories such as innerwear, athleisure, casual wear and ethnic wear, establishing these as the new engines of growth for the company,” the release said.

ABFRL said it has also entered into a commercial agreement concerning its various brands’ sale and distribution.

Written By- Mousami Jena
Image Courtsey- Google

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