Advent Exits Aditya Birla Capital for Rs 1,638 Cr

New Delhi, Oct 28 (PTI) Private equity firm Advent International on Tuesday exited Aditya Birla Capital by selling its entire 2.04 per cent stake in the company for Rs 1,638 crore through open market transactions.

US-based Advent International, through its special purpose vehicle Jomei Investments Ltd, offloaded 2.66 crore shares each or 2.04 per cent stake in Aditya Birla Capital on the BSE and NSE through separate block deals.

The combined transaction was valued at around Rs 1,638.56 crore, at an average price of Rs 308 apiece on both the exchanges.

Meanwhile, Goldman Sachs, Morgan Stanley, Norges Bank, Societe Generale, HDFC Life Insurance, ICICI Prudential Life, ITI Mutual Fund (MF), Motilal Oswal MF, SBI MF, National Pension System Trust were among the buyers of Aditya Birla Capital's shares on the exchanges.


Shares of Aditya Birla Capital rose 0.87 per cent to close at Rs 313.45 apiece on the NSE, while the scrip of the company went up 0.58 per cent to settle at Rs 312.45 per piece on the BSE.

In June this year, Advent International offloaded 2.34 crore shares of Aditya Birla Capital each on BSE and the NSE for a combined value of Rs 1,135.60 crore.

In September 2019, Aditya Birla Capital said that it has received approval from its board to raise primary equity capital of Rs 2,100 crore through a preferential allotment to the promoters and certain marquee investors, including Advent International.

The company said that around Rs 1,000 crore will be garnered through an investment by an entity affiliated with Advent International.

ABCL has presence across diverse businesses, including non-banking financial sector, asset management, life insurance, housing finance, health insurance, among others.