Aditya Birla Fashion and Retail Ltd. will raise funds up to Rs 500 crore through non-convertible debentures. At a meeting on Thursday, the finance committee of the board of directors approved raising of funds by way of issuance of the NCDs, according to an exchange filing.
The board's merger and takeover committee also approved the allotment of 5.57 crore fully paid-up shares at a face value Rs 10 each to TCNS Holdings. The record date is Sept. 3 and 11 fully paid-up equity shares of the company of face value Rs 10 each will be allotted for every six fully paid-up equity shares of TCNS of face value Rs 2 each, it said.
With this, the issued equity share capital of the company will increase from Rs 1,015 crore to Rs 1,071 crore, while the paid-up equity share capital of the company will increase from Rs 1,015 crore to Rs 1,070 crore.
Earlier in April, ABFRL's board approved the demerger of Madura Fashion and Lifestyle business into a newly incorporated company named Aditya Birla Lifestyle Brands Ltd.
Shares of ABFRL closed 1.43% higher at Rs 315.25 apiece on the BSE, compared to a 0.18% decline in the benchmark Sensex.
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