Aditya Birla Capital and Aditya Birla ARC have executed agreements to enter into a strategic joint venture with Varde Partners and create a joint platform to pursue investments in stressed and distressed assets in India.
Share price of Aditya Birla Capital rose 4.7 intraday Thursday as company formed joint venture with Varde Partners.
Aditya Birla Capital and Aditya Birla ARC have executed agreements to enter into a strategic joint venture with Varde Partners and create a joint platform to pursue investments in stressed and distressed assets in India.
The Varde Partners organisation is a global investment adviser focused on credit and value investing strategies.
Aditya Birla ARC received license from the RBI to commence business as an asset reconstruction company in March 2018.
Varde through its affiliates will acquire a 50 percent joint controlling stake, subject to regulatory approvals, in the Aditya Birla ARC, which is currently a wholly owned subsidiary of the company.
Subject to regulatory approvals, the company will receive not less than Rs 98 crore from Varde Partners, for the transfer of securities in Aditya Birla ARC.
At 11:12 hrs Aditya Birla Capital was quoting at Rs 141.90, up Rs 4.65, or 3.39 percent on the BSE.
Posted by Rakesh Patil