Retail

CCI permits Singapore's Caladium to buy 7.49% stake in ABFRL

01 Sep '22

1 min read

Pic: Shutterstock

The Competition Commission of India (CCI), which is the chief national competition regulator in India, has given the green light to Singapore’s Caladium Investment Pte. Ltd to acquire 7.49 per cent stake in India’s leading fashion retail company Aditya Birla Fashion and Retail Limited (ABFRL) on a fully diluted basis.

“The Company (ABFRL) had approved issuance of equity shares and warrants on a preferential allotment basis to Caladium Investment Pte. Ltd, a foreign portfolio investor, duly registered under the SEBI (Foreign Portfolio Investors) Regulations, 2019 (‘preferential issue’) aggregating to ₹ 2,195 crore,” according to a communication shared by ABFRL on its website.

Apart from approval of shareholders via postal ballot, which was received on June 23, 2022, the issue was subject to regulatory approvals and completion of customary closing conditions under the Share Subscription Agreement (SSA). While the approval letter was dated August 30, 2022, the order of the CCI concerning the matter will be issued soon.

Caladium Investment Pte. Ltd is an affiliate of GIC Private Limited, which is a sovereign wealth fund to manage Singapore's foreign reserves.

Fibre2Fashion News Desk (NB)

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