New Delhi, Jan 15 (PTI) Aditya Birla Fashion and Retail Ltd (ABFRL) on Wednesday said its board has approved raising Rs 2,378.75 crore from promoters and market.

The board has approved a proposal to issue up to 4.08 crore shares of face value of Rs 10 each at issue price of Rs 317.45 aggregating Rs 1,297.50 crore to Pilani Investment and Industries Corporation, a promoter group entity.

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Moreover, up to 3.96 crore shares of face value of Rs 10 each at issue price of Rs 272.37 aggregating Rs 1,081.25 crore will be issued to Qualified Institutional Buyers under non-promoter category, a regulatory filing said.

The investors are - Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth Commingled Pool, Fidelity Blue Chip Growth K6 Fund, Fidelity Series Blue Chip Growth Fund and FIAM Target Date Blue Chip Growth Commingled Pool.

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The ABFRL board has also approved convening of an extraordinary general meeting on February 13, 2025, to approve the fundraise.

Shares of ABFRL were trading at Rs 270.20 apiece, up 0.04 per cent from the previous close on NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)