Aditya Birla Capital (ABCL), the financial services subsidiary of diversified conglomerate Aditya Birla Group, raised ?21 billion (US$300 million) from a group of investors and other group companies.
Global private equity firm Advent International invested ?10 billion, making it the lead investor in the transaction, while India-based fund Premji Invest brought shares worth ?1 billion. Aditya Birla group company Grasim Industries put in ?7.7 billion, and the rest of the shares, worth ?2.3 billion, were picked up by other group companies such as Surya Kiran Investments, IGH Holdings and Pilani Investment and Industries Corporation.
Following the share issuance, Advent International will have a 4.15 % stake in ABCL, making it the largest non-promoter shareholder in the financial services company, and Premji Invest will hold a 4.11% stake in the company. The promoter shareholding will be 70.54 %.
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