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Premji Invest endow Rs700Cr to procure 2.2% stake in Aditya Birla Capital

Azim premji led Premji Invests to acquire 2.2% stake of Aditya Birla Capital for Rs 700 crore.
BY BEx Bureau
BusinessEx
Jun 30, 2017

Premji Invest private equity firm is in process to acquire 2.2 per cent stake in Aditya Birla Capital. The estimated amountfor the deal is Rs 32,000 crore revealed the report released by the holding company of the Aditya Birla Group.

The Fund will subscribe to about 2.2 per cent of the post Scheme fully diluted equity share capital of ABCL. The proposed transaction values ABCL at Rs. 32,000 crores on a post money basis, said the company.

The company is also in process to demerge the financial service undertaking of Grasim Industries and transfer it to Aditya Birla Capital. The process starts on 4th July and the company also plans to list it in the equities market, company said to media.

According to a JP Morgan note dated June 26, Aditya Birla Capital plans to enhance the combined share of SME and NBFC retail to 50 per cent from 30 per cent at present.

The note further adds that the management aims to attain profitability and growth in the listed entity by a rating upgrade, the change in the lending blend in support of retail and SME, a change in the product mix, operating leverage in the insurance business and break-even in new businesses.

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