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Aditya Birla Finance to raise $150 mn in funding

VCCircle

VCCircle · 4m ago

Aditya Birla Finance to raise $150 mn in funding

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.

Related News

Aditya Birla Capital infuses ₹750 crore into Aditya Birla Finance Limited

Livemint

Livemint · 1y ago

Aditya Birla Capital infuses ₹750 crore into Aditya Birla Finance Limited

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.

CloudExtel raises external debt of Rs 200 Cr

YourStory

YourStory · 1y ago

CloudExtel raises external debt of Rs 200 Cr

Mumbai-based Network-as-a-Service provider CloudExtel has received Rs 150 crore in external debt from NIIF Infrastructure Finance Limited, and an additional Rs 50 crore from Aditya Birla Finance Limited to grow its market presence in fiber and small cells deployment. The company has also received first-time credit rating of 'A-' from CARE Ratings Limited.

Aditya Birla Capital, subsidiary Aditya Birla Finance to merge

Livemint

Livemint · 1y ago

Aditya Birla Capital, subsidiary Aditya Birla Finance to merge

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.

Aditya Birla Finance to merge with parent in 12 months

Thehindubusinessline

Thehindubusinessline · 1y ago

Aditya Birla Finance to merge with parent in 12 months

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.

Aditya Birla Housing taps offshore investor for fresh capital

VCCircle

VCCircle · 6m ago

Aditya Birla Housing taps offshore investor for fresh capital

Aditya Birla Housing is securing $100 million in fresh capital from an offshore investor, the International Finance Corporation (IFC). This funding aims to enhance lending to retail buyers of affordable housing and support financing for micro, small, and medium enterprises (MSMEs), particularly benefiting women borrowers. This initiative aligns with Aditya Birla Housing's strategy to expand its reach in affordable housing and MSME sectors, bolstering economic growth and inclusivity in financing.

Aditya Birla Fashion to raise $500 mn ahead of Madura Fashion demerger

VCCircle

VCCircle · 6m ago

Aditya Birla Fashion to raise $500 mn ahead of Madura Fashion demerger

Aditya Birla Fashion and Retail Ltd plans to raise $500 million through preference shares and qualified institutional placement ahead of demerging Madura Fashion. The board approved a $275 million preference share issue and a $225 million QIP. Promoters and Fidelity Investments will contribute. This capital will help reduce debt and support growth strategies. The demerger aims to create Aditya Birla Lifestyle Brands Ltd, enhancing operational independence for better growth. The process is expected to complete by this fiscal year's end.

Fintech Startup Propelld’s NBFC Edgro Raises $25 Mn In Maiden Debt Round

Inc42 · 1y ago

Fintech Startup Propelld’s NBFC Edgro Raises $25 Mn In Maiden Debt Round

Education-focused fintech startup Propelld has raised $25m in debt funding for its non-banking financial company (NBFC), Edgro Finance. The funding will enable Edgro to offer education loans. The round saw participation from nine lenders, including Credit Saison India, AU Small Finance Bank, InCred Financial Services and Northern Arc Capital. Propelld, founded in 2019, provides education loans to borrowers through its online channel. The startup assesses the eligibility of students for a loan based on their learning capabilities and employment potential. Propelld has lending partnerships with Avanse Financial Services, Aditya Birla Capital and JM Financial.

Advent International-backed Aditya Birla Capital to merge with financial unit

VCCircle

VCCircle · 1y ago

Advent International-backed Aditya Birla Capital to merge with financial unit

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.

NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition

Economic Times

Economic Times · 7m ago

NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition

The National Company Law Tribunal (NCLT) has reserved its decision on appeals involving Glas Trust and Aditya Birla Finance to join Byju's committee of creditors, and BCCI's application to withdraw its insolvency petition against Byju's. Glas Trust and Aditya Birla Finance, initially part of the creditors' committee, were removed after reconstitution. The tribunal is scrutinizing the process, stressing the resolution professional's responsibility and authority limits, particularly concerning creditor classifications and reconstitution powers.

NCLT directs disciplinary proceedings against BYJU'S' resolution professional

YourStory

YourStory · 6m ago

NCLT directs disciplinary proceedings against BYJU'S' resolution professional

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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