Kumar Mangalam Birla and family are investing Rs 500 crore in food and grocery biz
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"The issuance and allotment for shares up to Rs 500 crore will be in one or more tranches within a period of twelve months," the filing said. With the additional capital, the company will be able to meet its capital expenditure needs while also handling of its debt.
"The board resolution was related to an enabling provision to allow the company increase the authorised capital to meet its general corporate expenses in the ordinary course of business and also to refinance its existing debt portfolio,"
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Also read: Now, Aditya Birla Group joins the bad world of e-commerce!
ABRL is the fourth largest supermarket chain in India, featuring in the list after Future Group, Reliance Retail and
Since its inception over 9 years ago, ABRL has seen losses of Rs 5,320 crore; however, for the year ended March 2015, the losses were reduced by 5% and brought down to Rs 571 crore.
The reason behind this is said to be their strategy of focusing on profitable markets.
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