Fashion retailer Aditya Birla Fashion and Retail (ABFRL) on Tuesday said its board has approved raising Rs 2,195 crore of primary capital from Singapore’s GIC sovereign wealth fund.
The board of the Aditya Birla group firm has approved the proposal to raise Rs 2,195 crore by way of preferential issue of equity and warrants to an affiliate of GIC, a joint statement said.
This acquisition also marks ABFRL’s entry into the beauty & personal care market.
Chief Minister YS Jagan Mohan Reddy laid the foundation stone for the Rs 110.38 crore Aditya Birla Fashion and Retail Limited unit at Pulivendula Industrial Development Park on Friday.
Authentic Brand Group, a brand development, marketing and entertainment company, is the global franchisee of Reebok.