Indian conglomerate Aditya Birla Fashion and Retail Ltd (ABFRL) has received approval from its board to strengthen its capital base through a $500m equity raise. The initiative is set to involve a mix of preferential allotment and a qualified institutional placement (QIP).

MUMBAI: Aditya Birla Fashion and Retail (ABFRL) plans to raise $500 million through a mix of preferential issuance and qualified institutional placement of equity shares. ABFRL will issue shares worth $150 million to promoter Pilani Investment and Industries Corporation and $125 million to American investor Fidelity Investments.