Advent International-backed Aditya Birla Capital to raise up to $213 mn via share sale

India's Aditya Birla Capital has proposed to issue equity shares worth up to 17.5 billion rupees ($213.5 million) through a qualified institutional placement (QIP), according to a term sheet seen by Reuters.

The issue price for the placement is between 170 rupees and 176 rupees, a 6.2% to 2.9% discount to Monday's closing level of 181.25 rupees.

The financial services firm will use the proceeds from the fundraise for investment in its units, joint ventures, and associates, among other corporate purposes.

The bookrunning managers for the issue are BofA Securities India, Jefferies India, Axis Capital, and ICICI Securities.

Also read: Aditya Birla Capital To Raise $153 Mn From Advent, PremjiInvest