Premji Invest picks up 2.2% stake in Aditya Birla Financial Services
MUMBAI: Indian private equity firm Premji Invest has invested an estimated Rs 700 crore picking up a 2.2% stake in Aditya Birla Capital. The deal values the financial services arm of the Aditya Birla Group at Rs 32,000 crore.
Aditya Birla Capital, which was formerly referred to as the Aditya Birla Financial Services is the holding company of the financial services business of the Aditya Birla Group. Premji Invest is the private equity fund promoted by Wipro chairman Azim Premji.
“The Fund will subscribe to about 2.2% of the post Scheme fully diluted equity share capital of ABCL. The proposed transaction values ABCL at Rs. 32,000 crores on a post money basis,” said the company.
In a statement to the media, the company also said that the financial services undertaking of Grasim Industries will be demerged and transferred to Aditya Birla Capital with effect from July 4, following which the company plans to get it listed in the equities market.
ABCL manages an aggregate asset under management or AUM (across asset management, private equity and insurance businesses) of Rs. 2.46 lakh crore and a lending book of more than Rs 38,000 crore as of March 31, 2017.
The company enjoys a strong presence across sectors like life insurance, asset management, private equity, corporate lending, pension fund management and health insurance businesses among others.
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Via:: Economic Times – Stocks