Competition Commission of India (CII) has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion and Retail by Flipkart Investments (FIPL). Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group.
With this infusion, Flipkart Group will own a 7.8 per cent equity stake in the company on a fully diluted basis. The promoter and promoter group companies of Aditya Birla Fashion and Retail will hold about 55.13 per cent upon completion of the issuance.
Aditya Birla Fashion and Retail is engaged in providing branded fashion apparels and accessories, and the retail sale of clothing, footwear and leather articles in stores. It operates through two segments: Madura Fashion & Lifestyle, and Pantaloons. The company's brands include Louis Philippe, Van Heusen, Allen Solly and Peter England.
