Aditya Birla Capital rises over 4% after JV with Varde Partners

Given the current landscape and further prospects in asset reconstruction in India, ABCL and Varde believe that there is an attractive pipeline for strong capital deployment opportunities over the next several years.

Aug 30, 2018 04:08 IST India Infoline News Service

Shares of Aditya Birla Capital rose over 4% during morning trade after the company announced an exclusive strategic partnership with Varde Partners to pursue investments in stressed and distressed assets in India.

Operating through a joint platform, both parties will evaluate investments across sectors, focusing on the acquisition, restructuring and resolution of the substantial supply of non-performing assets in India as well as special situations financings, the company said in an exchange filing.

Given the current landscape and further prospects in asset reconstruction in India, ABCL and Varde believe that there is an attractive pipeline for strong capital deployment opportunities over the next several years.

Meanwhile, the stock is currently trading at Rs142.70 up by Rs5.45 or 3.97% from its previous closing of Rs137.25 on the BSE.

The scrip opened at Rs140.70 and has touched a high and low of Rs143.80 and Rs140.70 respectively.

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