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.
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