ABFRL keen to raise Rs 500 crore
Aditya Birla Fashion Retail Limited plans to raise Rs 500 crore to boost its operations. The fashion retail giant plans to accrue the funds through an issue of bonds on a private placement basis.
“The company proposed to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures (NCDs) of a face value of Rs 10 lakh each, issued at par aggregating to Rs 500 crore on [a] private placement basis, on or after January 13, 2023,” said ABFRL in a regulatory filing on January 6, the Press Trust of India reported.
According to the Aditya Birla Group company, the proposed plan is within the limits of what its board and shareholders have approved the business to do, the Economic Times reported. ABFRL is a fashion and lifestyle focused branch of the Aditya Birla Group which is valued at over $60 billion.
The business retails a wide array of international clothing brands including Ted Baker, Fred Perry, American Eagle, Forever 21, Reebok, Ralph Lauren, and Hackett among others. Its Indian brand portfolio includes Pantaloons, Peter England, Van Heusen, and Louis Philippe among others.
In the second quarter of the 2023 financial year, ABFRL’s consolidated net profit was up by 586.5% year-on-year to total Rs 37.69 crore. The business’ net sales increased by 49.7% year-on-year in the same time period, Business Standard reported.
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