Flipkart Exits Aditya Birla Lifestyle Brands with Major Stake Sale
Several major financial entities, including SBI Life Insurance and Morgan Stanley, have acquired over 7.31 crore shares, representing a 6% stake, in Aditya Birla Lifestyle Brands from Flipkart Investments for Rs 998 crore. This transaction marks Flipkart's complete divestment from the company.
- Country:
- India
In a significant finance move, SBI Life Insurance, Aditya Birla MF, Morgan Stanley, and Goldman Sachs have acquired a substantial 6% stake in Aditya Birla Lifestyle Brands Ltd, buying over 7.31 crore shares from Flipkart Investments for Rs 998 crore.
This transaction has seen diverse participation, with entities like Amansa Capital and Nippon India Mutual Fund investing in the company. Notably, SBI Life Insurance increased its holding by acquiring an additional 1.73 crore shares, raising its stake to 3.65% from 2.23%.
Flipkart's exit from Aditya Birla Lifestyle Brands signifies a strategic divestment, coinciding with the elevation of company shares by 7.01%. This follows Flipkart's earlier exit from Aditya Birla Fashion and Retail, underscoring a noteworthy shift in strategic investments.
(With inputs from agencies.)
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