In a press release, Aditya Birla Fashion and Retail (ABFRL) stated that it had successfully raised US $ 227 million through the Qualified Institutional Placement (QIP) of equity shares.
At its meeting on Tuesday, the fashion retailer’s QIP committee, which is part of the board of directors, approved the issuance and distribution of 6.85 crore equity shares with face values of Rs 10 each to qualified institutional buyers (QIBs) who meet the requirements. This totalled US $ 227 million.
The business went on to say that the successful fundraising shows that investors have faith in India’s fashion industry’s strong growth prospects and its position as a major participant in the sector.
Ashish Dikshit, Managing Director of ABFRL, highlighted that the strong investor interest reflects the enduring strength and growth potential of their brands and business model. He also emphasised the company’s leadership in India’s fashion sector, which is poised for significant growth as organized retail continues to expand.
