GIC to invest $283m for 7.5% stake in India's Aditya Birla Fashion and Retail

Aditya Birla Group chairman Kumar Mangalam Birla is closely tracking the progress of the online fashion store. Photo: Abhijit Bhatlekar/Mint

Aditya Birla Fashion and Retail Limited (ABFRL) Tuesday said that its board has approved raising of up to $283 million (Rs.2,195 crore) from an affiliate of GIC, Singapore’s sovereign wealth fund.

ABFRL will raise the aforementioned amount by way issue of preferential issuance of equity and warrants, it said in a press statement. GIC will invest Rs. 770 crore now towards subscription of equity and warrants, followed by up to Rs. 1,425 crore in one or more tranches within 18 months upon exercise of warrants, it added.

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