On June 2, shares of Aditya Birla Capital Ltd. (ABCL) increased by approximately 2.6 percent after the company stated that its subsidiaries would participate in the company’s preferential offer. ABCL made the announcement on June 1 that its promoter businesses, namely Grasim Industries and holding company Surya Kiran Investments, had opted to spend a total of 1,050 billion rupees and 250 billion rupees, respectively, in the company’s preferential issue.

The stock reached its 52-week high on the BSE at 9.30 am, when it was trading at Rs 176.55, an increase of 2.59 percent from the previous day’s closing.

The firm made the announcement on June 1 that its board of directors had authorised the preferential issuance of up to 1,250 crore, at a share price of 165.10 rupees each, to the company’s promoter and a promoter group entity, out of the total amount of equity fundraising that had been allowed for up to 3,000 crore.

To meet growth and funding requirements, as well as to make strategic investments in subsidiaries, associates, and joint ventures involved in specific businesses, as well as in technology, IT infrastructure, and digital offering platforms, the funds that were raised will be put to use to strengthen the capital base, improve the solvency margin and leverage ratio, meet growth and funding requirements, and so on.

As of March 31st, 2023, the entire aggregate of assets under management that Aditya Birla Capital Limited is in charge of totaled around Rs 3.6 lakh crore. Within this, their lending assets under management (AUM) amount to Rs 94,364 crore, and the gross written premiums contributed by their life and health insurance companies are Rs 17,787 crore.

In terms of the business’s performance with regard to its finances, the company recorded consolidated revenue of Rs 29,999 crore for the fiscal year 2023. In addition to this, their profit after taxes reached Rs. 2,057 crore; however, this figure does not include fair value gains.