Grasim's Subsidiary ABReN to Raise ₹235 Cr via Preferential Issue

Grasim Industries Ltd announced that its subsidiary, Aditya Birla Renewables Limited (ABReN), will undertake a preferential issue of equity shares to raise up to ₹234.99 crore. The issuance involves up to 23,15,27,093 equity shares with a face value of ₹10 each, priced at a premium of ₹0.15 per share, resulting in an issue price of ₹10.15 per share. Grasim Industries Limited, as the promoter, is the sole investor in this private placement. This infusion aims to strengthen ABReN's capital base and support its growth initiatives in the renewable energy sector. The transaction is expected to increase Grasim's shareholding in ABReN from 70.15% to 73.76%.