Aditya Birla Fashion Board meeting on 23 October to consider proposal on fund raising; shares up by 6 per cent

Aditya Birla Fashion Stock Alert: The Board of Directors of Aditya Birla Fashion and Retail Limited will be meeting on 23 October 2020 (Friday) to consider a proposal for raising funds through issue of equity shares/ convertible bonds / debentures / any other securities, through permissible modes, the company informed in its filing to the stock exchanges. 

“Please be informed that a meeting of the Board of Directors of the Company will be held on Friday, October 23, 2020, to inter alia consider of proposal for raising funds through issue of equity shares/ convertible bonds / debentures / any other securities, through permissible modes including but not limited to a qualified institutions placement, preferential allotment, rights issue, further public offer, etc., subject to such approvals, as may be required under the applicable laws,” the company filing said. 

At 12:30 pm, the stocks of Aditya Birla Fashion were trading at Rs 153. 20 on the NSE, up by almost 6 per cent from the previous close on Friday.

With a retail space of 8.1 million sq ft as on March 31, 2020, ABFRL is a billion-dollar pure-play fashion company. ABFRL emerged after the consolidation of the branded apparel businesses of Aditya Birla Group comprising ABNL's Madura Fashion division and ABNL's subsidiaries — Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) in May 2015. Post the consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.

ABFRL has 3,031 brand stores across the country with a presence across 25,000 multi-brand outlets and 6,000+ point of sales in department stores across India, the company's website says.

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It is also a multi-brand retailer of international brands including Simon Carter and select mono-brands such as American Eagle, Ralph Lauren, Hackett London, Ted Baker and Fred Perry.