Aditya Birla Capital to consider raising of funds; board meeting on May 11

Financial services firm Aditya Birla Capital will consider raising of funds, said the company in a regulatory filing on Monday. A final decision on this will be taken during the board meeting to be held on Thursday, May 11.

The board of directors will also consider and approve the audited standalone and consolidated financial results of the company for the quarter ended March 31.

The outcome of the board meeting will be communicated to the stock exchanges after the conclusion on May 11.

In a filing with the stock exchanges, Aditya Birla Capital said, “The Board of Directors at the said meeting scheduled to be held on May 11, inter-alia shall also consider the proposal for raising of funds by issuance of equity shares, depository receipts, convertible bonds, debentures, warrants, preference shares, any other equity-linked securities (“Securities”) through permissible modes including by way of a private placement, including through a preferential issue or qualified institutions placement of Securities or any other method or mode as may be permitted under applicable laws, subject to such regulatory and statutory approvals as may be required.”

On 27 March, Aditya Birla Capital said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount.

The proposed deal includes the sale of the entire 2565,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing.

The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added.

The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added.

As per reasonable estimates, the proposed transaction is expected to be completed within 120 to 180 days from the execution of the share purchase agreement (SPA).