Aditya Birla Fashion Acquires 3.75% More in Indivinity Clothing for INR1.75 Billion; Shares Up 3%
Aditya Birla Fashion and Retail (NSE:ABFRL, BOM:535755) has acquired an additional 3.75% stake in its subsidiary, Indivinity Clothing Retail, for 1.75 billion Indian rupees for 1.75 billion Indian rupees.According to a Thursday filing to the Indian stock exchanges, the underlying share allotment was finalized on Wednesday, May 20.Indivinity Clothing allotted 36.5 million equity shares to the company through a rights issue, to raise funds to support its funding requirements for growth and business operations.Following the allotment, Aditya Birla Fashion's holding in Indivinity Clothing will increase from 85.54% to 89.29%.Indivinity Clothing runs a bespoke ethnic wear business selling occasion and ceremonial contemporary apparel for men under the brand name "Tasva".The company's shares were up nearly 3% in recent trade.
