Aditya Birla Fashion to raise $500mn ahead of demerger

MUMBAI: Aditya Birla Fashion and Retail (ABFRL) plans to raise $500 million through a mix of preferential issuance and qualified institutional placement of equity shares. ABFRL will issue shares worth $150 million to promoter Pilani Investment and Industries Corporation and $125 million to American investor Fidelity Investments. The capital-raise comes ahead of the proposed vertical demerger of the company into two separate listed entities. The fund-raise is subject to shareholder and regulatory approvals.