The Competition Commission of India (CCI) on Tuesday said it has approved the acquisition of about 7.49 per cent stake in Aditya Birla Fashion and Retail by Caladium Investment, a GIC investor.
“Commission approves acquisition of approximately 7.49% shareholding in Aditya Birla Fashion and Retail Limited on a fully diluted basis by Caladium Investment Pte. Ltd (GIC Investor) by way of preferential issuance of equity and warrants,” the competition watchdog said in a tweet on Tuesday.
In late May, Aditya Birla Fashion and Retail Limited (ABFRL) announced that it will raise up to Rs 2,195 crore from Singapore’s sovereign wealth fund GIC. The board of the Aditya Birla group firm has approved the proposal to raise Rs 2,195 crore by way of preferential issue of equity and warrants to an affiliate of GIC, a joint statement said.
“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,” the statement had added.
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