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Flipkart invested ₹1,500 cr in ABFRL

October 26, 2020

Flipkart invested ₹1,500 cr in ABFRL

Online business giant Flipkart has put Rs 1,500 crore in Aditya Birla Fashion and Retail or ABFRL for a minority stake of 7.8% on a completely weakened premise, administrative filings show.

ABFRL has made an apportioning of 7,31,70,732 completely paid value shares for Rs 205 for every offer to Flipkart to raise the absolute thought and it will use the funding to reinforce its asset report and quicken the development direction, the organization said in the filings made with the BSE.

The move will likewise help both the organizations to use their cooperative energies in the design portion.

The promoter and promoter group organizations of ABFRL have weakened their shareholding from 59.78% toward the finish of Q2 FY21 to about 55.13% post distribution to Flipkart, the filings appeared.

Having an organization of around 3,004 stores with 23,700 multi-brand outlets across India, ABFRL is one of India’s significant design and way of life organizations. The organization likewise plans to forcefully scale-up its current organizations where it holds solid, market driving positions while expanding presence in rising high-development classifications, for example, innerwear, athleisure, casualwear and ethnic wear.

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