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Major overseas portfolio investors, sovereign wealth funds, and local institutional investors have all shown a strong interest in the QIP. The Public Sector Pension Investment Board (PSP), BlackRock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, Abu Dhabi Investment Authority (ADIA), Massachusetts Institute of Technology (MIT), and SBI Life Insurance were among the major investors in the QIP.
Mumbai, June 30, 2023: Aditya Birla Capital Limited (“ABCL” or “the Company”) has completed a Rs. 3,000 crore fund raise via a Qualified Institutional Placement (“QIP”) of equity shares totaling Rs. 1,750 crores and a preferential issuance of equity shares totaling Rs. 1,250 crores to its Promoter and Promoter Group entity, Grasim Industries Limited and Surya Kiran Investments Pvt.Ltd, respectively.
At its meeting today, June 30, 2023, the Company’s Stakeholders Relationship Committee approved the issue and allotment of 10,00,000,00 equity shares of face value Rs 10 each to eligible Qualified Institutional Buyers (“QIBs”) at the issue price of Rs 175 per Equity Share (including a premium of Rs 165 per Equity Share), totaling Rs 1,750 crores.
Famous foreign portfolio investors, sovereign wealth funds, and domestic institutional investors who took part in the Company’s first-ever QIP transaction responded favourably. These investors included BlackRock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, Abu Dhabi Investment Authority (ADIA), Massachusetts Institute of Technology (MIT), Public Sector Pension Investment Board (PSP), and SBI Life Insurance.
Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, commented on the overwhelmingly positive response to ABCL’s first-ever QIP, saying, “This investment represents a crucial turning point in Aditya Birla Capital’s path. It confirms the Aditya Birla Group’s dedication to the expansion of our quickly expanding financial services division. Furthermore, the involvement of blue-chip investors is a strong endorsement of the business’s growth plan and strategy. We firmly believe that Aditya Birla Capital will effectively realise its promise to empowering the financial dreams of millions of clients, as the Indian financial services sector will serve as the cornerstone of the nation’s economic development.
