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Aditya Birla Fashion shares go up by 4% post Flipkart’s 7.8% Stake Acquisition

The Aditya Birla Fashion group has performed well in its intraday trading on January 21,2020 after Flipkart acquired 7.8% stake.

After the Competition Commission of India approved Flipkart’s acquisition of 7.8 percent, the share price of Birla climbed at 4 percent.

Both the companies have previously announced about their assent in October 2020.

Aditya Birla Fashion has said to raise a capital expenditure of Rs 2,500 crore since April last year. This announcement could have been executed with the successful completion of the transaction.

After the agreement, the scrip has seen a volume gain which was more than 1.16 times. An increase of 270.40 percent in seen recently.

The stock was previously trading at 116,539, which is now increased with 198,582 volumes. The deal is done with Rs 1,500 crore between both the parties.

This deal allows the company to have a stock ownership of 7.8 percent with the Aditya Birla Fashion Group.

It is however a minority stake which is acquired by the giant e-commerce company Flipkart. The share price however in this deal is priced at Rs 205 each.

The stock has hit the high of Rs 199.95 on intraday high and also an intraday low of Rs 180.10 early morning.

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