Aditya Birla Capital to raise Rs 2100 cr equity capital

Chairman Aditya Birla Group Kumar Mangalam Birla. (PTI Photo)

Aditya Birla Capital on Tuesday said its board has given the approval to raise Rs 2,100-crore equity capital, to fund the firm's business growth.

The non-banking financial company will take up the proposal for the consideration of shareholders at its extraordinary general meeting to be held on October 5.

"The board has approved the creation, offer, issue and allotment of 21 crore equity shares at a price of Rs 100 per share including a premium of Rs 90 for an aggregate consideration of Rs 21,000 million by way of preferential allotment to the proposed allottees," it said in a regulatory filing.

Aditya Birla Capital said that in view of the future outlook of the company, its growth targets and prospects, the company requires additional funding to augment its long-term resources including for servicing/repayment of indebtedness, capital expenditure, investment in subsidiaries or joint ventures.

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