Flipkart to acquire stakes of Aditya Birla Fashion

[iDJ]

The board of Aditya Birla Fashion and Retail Limited today approved issuance of equity shares on a preferential basis to Flipkart Investments Private Limited aggregating to ₹1500 crore. The company has also entered into a commercial agreement in relation to the sale and distribution of various brands of the company.

Aditya Birla Fashion and Retail Limited said equity capital will be raised at ₹205 per share. Flipkart will own 7.8% equity stake in Aditya Birla Fashion and Retail Limited on a fully diluted basis.