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Aditya Birla Fashion and Retail Limited (ABFRL) recently stated that market regulator SEBI granted it an exemption over the listing of shares worth Rs 2,195 crore allotted to Caladium Investment Pte Ltd, a foreign portfolio investor.
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Aditya Birla Fashion and Retail Limited (ABFRL) recently stated that market regulator SEBI granted it an exemption over the listing of shares worth Rs 2,195 crore allotted to Caladium Investment Pte Ltd, a foreign portfolio investor.
Based on this received approval, the Aditya Birla Group firm made an application to the stock exchanges which approached SEBI and sought an exemption under Rule 19(7) of the SCRR from Rule 19(2)(b). This is related to the proposed listing of warrants pursuant to the preferential issue of the Company.
The application read, "In this regard, we wish to inform you that SEBI vide its letter dated September 7, 2022 to the Stock Exchanges that it has granted relaxation to the Company from applicability of Rule 19(2)(b) of the SCRR for Preferential Issue of listed warrants."
As per the rules, under rule 19(2) (b) of SCRR, exemptions are granted to listed companies from making public issues for the listing of securities different from the existing listed securities.
In the month of May, ABFRL made the announcement of raising up to Rs 2,195 crore from Singapore's sovereign wealth fund GIC.
The firm stated, "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."
Reports suggest that once the transaction is underway, Aditya Birla Group will hold a 51.9 per cent stake in the firm.