October 23, 2020
1 min read

Flipkart’s investment pushes ABFRL’s stocks up

Shares of Aditya Birla Fashion and Retail surged over 14 per cent on Friday afternoon after the company announced that Flipkart Investments Pvt Ltd will invest Rs 1,500 crore to pick up a stake of 7.8 per cent in the former.

Around 1.10 pm, shares of Aditya Birla Fashion were trading at Rs 175.70 on the BSE, higher by Rs 22.30 or 14.54 per cent from its previous close.

The equity capital will be raised at Rs 205 per share. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance.

ABFRL will use this capital to strengthen its balance sheet and propel its growth ambition with renewed vigour, said a statement.

The company plans to scale up its play in emerging high-growth fashion categories, including innerwear, athleisure, casual and ethnic wear, establishing these as the new engines of growth for the company.

Furthermore, ABFRL will accelerate the execution of its large-scale digital transformation strategy that will deepen its consumer connect and augment its backend capabilities, positioning it amongst the most comprehensive omni-channel fashion players in the country.

Also Read: Indian e-com to garner $6.5bn in festive sales: Report

Previous Story

Madhuri Remembers Rishi Kapoor

Next Story

Biden’s lead shrinks to 4 points nationally

Latest from Business

Trump confident of trade deal with EU

Meloni is the first European leader to visit Washington since Trump imposed, then paused, 20% tariffs on imports from the bloc Donald Trump and Giorgia Meloni talked up the chances of a

China Appoints New Trade Rep Amid Tariff War

Li Chenggang’s new role will be pivotal in shaping China’s trade strategy, especially as the country faces retaliatory measures and increased tariffs from the US. Amid ongoing trade tensions with the United
Go toTop