Advent leads US$300m fundraise by Aditya Birla

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Aditya Birla Capital (ABCL), the financial services subsidiary of diversified conglomerate Aditya Birla Group, raised ₹21 billion (US$300 million) from a group of investors and other group companies.

Global private equity firm Advent International invested ₹10 billion, making it the lead investor in the transaction, while India-based fund Premji Invest brought shares worth ₹1 billion. Aditya Birla group company Grasim Industries put in ₹7.7 billion, and the rest of the shares, worth ₹2.3 billion, were picked up by other group companies such as Surya Kiran Investments, IGH Holdings and Pilani Investment and Industries Corporation.

Following the share issuance, Advent International will have a 4.15 % stake in ABCL, making it the largest non-promoter shareholder in the financial services company, and Premji Invest will hold a 4.11% stake in the company. The promoter shareholding will be 70.54 %.

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