Aditya Birla Capital to raise up to Rs 1,750 crore via share sale

India’s Aditya Birla Capital has proposed issuing shares worth up to 1,750 crore ($213.5 million) through a Qualified Institutional Placement (QIP), according to the term sheet seen by Reuters.

The issue price for placement is between Rs 170 and Rs 176, which is a discount of 6.2% to 2.9% from Monday’s closing level of Rs 181.25.

The financial services company will use the proceeds of the fundraising to invest in its units, joint ventures, and associate companies, among other corporate purposes.

The bookrunners for the issue are BofA Securities India, Jefferies India, Axis Capital and ICICI Securities.

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First published: June 27, 2023 | 10:37 a.m ist