GIC (sovereign wealth fund) is acquiring a 7.5% equity stake in Aditya Birla Fashion and Retail (ABFRL) for Rs 2,195 crore. The investment will be made by way of preferential equity and warrants.
In the first tranche, the GIC will invest Rs 770 crore, while the rest amount of Rs 1,425 crore would be infused within 18 months.
After the investment, Aditya Birla Group will hold a controlling stake of 51.9% in the company.
Aditya Birla Group Chairman: Kumar Mangalam Birla.