India's Aditya Birla Fashion to raise $500 million via share sales to Fidelity, others
ABFRL said it will raise $275 million by issuing preference shares, split between the retailer's controlling shareholders and Fidelity, and the remaining $225 million through a qualified institutional placement. The Birla family, which owns the biggest stake in ABFRL via multiple entities, will buy shares worth $150 million through one such entity at 317.45 rupees per share, a 17.5% premium to the stock's last closing price. Fidelity will buy shares worth $125 million at 272.37 rupees each, just about a 1% premium.