Aditya Birla Fashion & Retail Limited

Rights issue of a leading online retailer for INR 9.9 billion


Issuer Details & deal Highlights

  • Aditya Birla Fashion & Retail Ltd. (“ABFRL”) is one of India’s largest pure-play fashion and lifestyle companies in terms of revenue with a strong bouquet of leading fashion brands and retail formats across various segments and categories with pan-India distribution.
  • Company’s portfolio comprises the Madura Segment which includes branded apparels and accessories including  lifestyle brands, fast fashion, global brands, innerwear and other businesses, and the Pantaloons Segment which houses the large format retail business 


Objects of the Issue:

  • Repayment of certain borrowings of the Company – INR 7.45 Bn.
  • General Corporate Purposes – INR 2.44 Bn.


SBICAP Trusted Partner for ABFRL Rights Issue

  • SBICAP was one of the two initial bankers to be on-boarded on the deal
  • Gained an edge over Axis Capital both in terms of role and fees
  • Trusted by company to create the Corporate Presentation within a quick turnaround time 
  • Substantial role including, Domestic Marketing and Post Issue Co-ordinator
  • Responsible for the Top 21 existing Institutional Shareholders
  • Advising Company on Pricing, Marketing & Post Issue Process
  • Played a key role in enabling SBI to activate its online ASBA platform for the Rights Issue

Deal Summary

Rights Issue Size INR 9.9 Br.
Type of Rights Issue Fast Track Rights Issue of Partly Paid-up Equity Shares
Lead Managers SBI Capital Markets, ICICI Securities, Axis Capital, BNP Paribas, CLSA
Rights Issue Price INR 110 per Rights Equity Share
Payment Schedule ₹ 55.0, i.e., 50% of the Issue Price on Application
₹ 27.5, i.e., 25% of the Issue Price in January 2021
₹ 27.5, i.e.25% of the Issue Price in July 2021
Issue Opening Date Wednesday, July 08, 2020
Issue Closing Date Wednesday, July 22, 2020
Rights Ratio 9:77
Record Date Wednesday, July 01, 2020
Last Date For On Market Renunciation Friday, July 17, 2020

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