Competition Commission of India on Wednesday said it has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion by Flipkart Investments Private Ltd (FIPL).
Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd, the regulator said in a tweet. With this infusion, Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance, ABFRL said in a regulatory filing earlier.
CCI approves Flipkart s acquisition of 7.8% stake in Aditya Birla Fashion
Flipkart and Aditya Birla Fashion had announced the agreement in October last year. January 20, 2021 / 08:51 PM IST
According to the BSE filing by Flipkart, the company would be acquiring shares equivalent to 7.8 percent in the company at a price of Rs 205 each.
The Competition Commission of India (CCI) on January 20 approved a Rs 1,500 crore deal between Aditya Birla Fashion and Flipkart, which allows the latter to acquire a minority stake of 7.8 percent in the Birla Group-linked entity. Commission approves acquisition of a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Pvt Ltd, the CCI, which is India’s nodal anti-trust regulator, said in a social media update.
Flipkart gets CCI nod to acquire 7.8% stake in Aditya Birla Fashion and Retail
In October last year, Aditya Birla Fashion s board had approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group
BusinessToday.In | January 20, 2021 | Updated 22:30 IST
Flipkart to acquire 7.8% stake in Aditya Birla Fashion
The Competition Commission of India (CCI) on Wednesday approved Flipkart s minority stake buying in Aditya Birla Fashion and Retail Ltd (ABFRL). E-commerce major Flipkart had proposed to acquire 7.8 per cent stake in ABFRL, through its wholly-owned subsidiary Flipkart Investments Private Ltd (FIPL), for Rs 1,500 crore.
The Competition Commission of India (CCI) on Wednesday approved the acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd. The competition watchdog made the announcement in the evening on Twitter. Last October, Flipkart Group and Aditya Birla Fashion and Retail Limited (ABFRL) formed a new strategic partnership aimed at enhancing the consumer fashion experience. Through an investment of Rs 1,500 crore, Flipkart Investments said it will acquire about 7.8 per cent stake in ABFRL. The companies have partnered to leverage synergies in the fashion segment. Through this partnership, Flipkart Group will strengthen the range of brands offered on its e-commerce platforms Flipkart and Myntra. This would deepen its relationship with ABFRL, and enhance the range of premium international and Indian brands on offer. Flipkart’s technology prowess will enhance ABFRL’s omni-channel capabilities. This would enrich customer expe
Aditya Birla Fashion and Retail Ltd is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores etc