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Aditya Birla Finance to merge with parent in 12 months
Thehindubusinessline
·
1y ago
Medial
Aditya Birla Capital has announced the merger of its wholly-owned subsidiary, Aditya Birla Finance, to create a unified operating non-banking financial company (NBFC). The merger is expected to be completed within the next 9-12 months and will consolidate the business and entities, simplify the group structure, enhance financial stability, and align business plans. Aditya Birla Capital will convert from a holding company to an operating NBFC after the merger, with the equity investment in Aditya Birla Finance being cancelled. The merger is in line with RBI's scale-based regulations and is subject to regulatory approvals.
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Aditya Birla Capital, subsidiary Aditya Birla Finance to merge
Livemint
·
1y ago
Medial
Aditya Birla Capital has decided to merge its subsidiary, Aditya Birla Finance, with itself to avoid the public-listing requirement imposed by the Reserve Bank of India. This move aims to simplify the group's structure, strengthen Aditya Birla Capital as an operating non-banking finance company, and reduce regulatory complexities. The merger is subject to regulatory and other approvals and is expected to take effect in the next 9-12 months. Aditya Birla Capital's CEO, Vishakha Mulye, mentioned that they would seek permission from the RBI regarding their stake in the life insurance business, which would exceed the allowed limit.
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After Aditya Birla, Piramal to merge with private arm
Livemint
·
1y ago
Medial
Piramal Enterprises Ltd has announced its decision to merge with its subsidiary Piramal Capital & Housing Finance Ltd, following in the footsteps of the Aditya Birla Group. The merger is set to be completed in nine to 12 months and will result in the formation of a new company named Piramal Finance. This move will allow Piramal Capital to avoid a mandatory public share sale and comply with RBI regulations. The merger is still subject to approval from regulators, shareholders, creditors, and the National Company Law Tribunal.
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Advent International-backed Aditya Birla Capital to merge with financial unit
VCCircle
·
1y ago
Medial
India's Aditya Birla Capital has announced plans to merge with its subsidiary Aditya Birla Finance, converting from a holding company to an operating non-banking financial company. Following the merger, the combined entity will have total assets of INR 1.10tn ($13.30bn) as of December 2023 and expects to see an increase in its total capital adequacy ratio. The merger aims to enhance Aditya Birla Capital's financial strength and flexibility while maintaining the existing shareholding structure and management. The company's shares have gained 8.1% year-to-date.
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ABRFL board approves demerger of Madura to Aditya Birla Lifestyle Brands
Livemint
·
1y ago
Medial
The board of directors of Aditya Birla Fashion and Retail Ltd (ABFRL) has approved the demerger of Madura Fashion & Lifestyle (MFL) business from ABFRL into a newly incorporated company named Aditya Birla Lifestyle Brands Ltd (ABLBL), which will be listed separately once the demerger is completed. This move aims to accelerate growth and value creation through two listed entities with a clear structure and capital allocation strategy. ABFRL plans to raise ₹2,500 crore in equity within 12 months of the demerger. The demerger will be implemented through an NCLT scheme of arrangement.
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Aditya Birla Capital infuses ₹750 crore into Aditya Birla Finance Limited
Livemint
·
1y ago
Medial
Aditya Birla Capital has invested ₹750 crore in its subsidiary, Aditya Birla Finance, through a rights issue. The investment aims to support the subsidiary's growth, funding requirements, and leverage ratio improvement. Aditya Birla Finance also plans to raise up to ₹2,000 crore through its maiden public issue of non-convertible debentures (NCDs). At least 75% of the net proceeds from the NCD issue will be used for lending, financing, and repayment of existing borrowings, while the remaining 25% will be allocated for general corporate purposes.
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Aditya Birla Digital Fashion Invests INR 75 Cr In WROGN
Inc42
·
9m ago
Medial
Aditya Birla Digital Fashion Ventures has acquired a higher stake in the direct-to-consumer (D2C) fashion brand, WROGN, increasing its ownership from 17.10% to 32.84%. This move will help Aditya Birla Digital Fashion to expand its collection of digital-first brands and diversify its brand portfolio. The investment follows a previous acquisition by Aditya Birla Group's fashion and lifestyle arm, TMRW, which acquired a 16% stake in the parent company of WROGN.
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Aditya Birla Capital sees digital platforms driving growth
Livemint
·
10m ago
Medial
Aditya Birla Capital is focusing on three digital platforms to drive growth and differentiate itself in a competitive landscape. It has already launched Udyog Plus for small businesses and the direct-to-consumer platform ABCD. A third platform, targeted at distributors and channel partners, will be launched in the coming months. The company aims to add 30 million customers to its base of 35 million over three years through the ABCD platform. Pankaj Gadgil, CEO of Aditya Birla Housing Finance, said the platforms will simplify onboarding and enhance the digital experience for customers.
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Aditya Birla Finance to raise $150 mn in funding
VCCircle
·
4m ago
Medial
Aditya Birla Finance plans to raise $150 million to support lending in the renewable energy and e-mobility sectors in India. As a subsidiary of Aditya Birla Capital, the company offers various financial services, including project and corporate loans. This funding aims to strengthen their financial capabilities and foster growth in sustainable projects and technology adoption across the country, aligning with environmental and e-mobility advancements.
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NCLT directs disciplinary proceedings against BYJU'S' resolution professional
YourStory
·
6m ago
Medial
The National Company Law Tribunal (NCLT) has ordered disciplinary proceedings against BYJU'S resolution professional, Pankaj Srivastava, for improper conduct and annulled his decision to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors (CoC). The tribunal reinstated the previous CoC, recognizing Aditya Birla Finance as a financial creditor, and nullified the resolutions passed by the reconstituted CoC. The Insolvency & Bankruptcy Board of India (IBBI) is tasked with investigating this matter.
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DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale
Economic Times
·
1y ago
Medial
Non-banking finance companies DMI Finance and Aditya Birla Finance are in talks to acquire fintech lending startup ZestMoney. The startup, which offered buy-now-pay-later loans to customers, recently informed its employees about plans to shut down due to a withdrawal of debt lines from lending partners. The lenders are interested in acquiring ZestMoney's technology platform and taking over its loan book, which amounts to around Rs 400 crore. The deal is expected to be finalized soon. Both DMI Finance and Aditya Birla Finance have a strong partnership model with fintech startups and are looking to collect outstanding dues from ZestMoney customers.
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