Aditya Birla Fashion and Retail Limited (ABFRL) said that the market regulator SEBI has granted it exemption over listing of shares worth Rs. 2,195 crore allotted to Caladium Investment Pte Ltd., a foreign portfolio investor.
Based on this received approval, the Aditya Birla Group firm made an application to the stock exchanges, which approached SEBI and sought an exemption under Rule 19(7) of the SCRR from Rule 19(2)(b).
This is related to the proposed listing of warrants pursuant to the preferential issue of the company.
The application read, “In this regard, we wish to inform you that SEBI has granted relaxation to the company from applicability of Rule 19(2)(b) of the SCRR for Preferential Issue of listed warrants.”
As per the rules, under Rule 19(2) (b) of SCRR, exemptions are granted to listed companies from making a public issue for listing of securities different from the existing listed securities.
ABFRL had announced to raise up to Rs. 2,195 crore from Singapore’s sovereign wealth fund GIC earlier.
“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. Post the entire investment, GIC will own a 7.5 per cent equity stake in ABFRL,” stated the firm.
After the transaction, Aditya Birla Group will hold a 51.9 per cent stake in the firm, suggest reports.
