ABFRL gets Sebi exemption in Rs 2,195-crore investment by Caladium

ABFRL said market regulator SEBI has granted it exemption over listing of shares worth Rs 2,195 crore alloted to Caladium Investment Pte Ltd, a foreign portfolio investor

Aditya Birla Fashion and Retail Limited (ABFRL) on Wednesday said market regulator SEBI has granted it exemption over lisiting of shares worth Rs 2,195 crore alloted to Caladium Investment Pte Ltd, a foreign portfolio investor.

Based on the in-principle approval received from the stock exchanges, the Aditya Birla Group firm had made an application to the stock exchanges who approached SEBI and sought an exemption under Rule 19(7) of the SCRR from Rule 19(2)(b), in relation to the proposed listing of warrants pursuant to the preferential issue of the Company.

"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," it said

Under rule 19(2) (b) of SCRR, exemptions are granted to listed companies from making public issue for listing of securities different from the existing listed securities.

Earlier on May 24, ABFRL had announced to raise up to Rs 2,195 crore from Singapore's sovereign wealth fund GIC.

"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," it had added.

After the transaction, Aditya Birla Group will hold a 51.9 per cent stake in the firm.

ABFRL under Madura Fashion and Lifestyle business is a repertoire of leading apparel brands such as - Louis Philippe, Van Heusen, Allen Solly and Peter England.

While its international brand portfolio includes The Collective, India's largest multi-brand retailer of international brands, Simon Carter and select mono-brands such as Forever 21, American Eagle, Ralph Lauren, Ted Baker and Fred Perry.

It also owns fashion retail chain Pantaloons having over 370 stores spread across 180 cities.