The Board of Directors of Aditya Birla Fashion and Retail (ABFRL) has approved raising Rs 2,195 crore through preferential issue of equity and warrants to an affiliate of GIC, Singapore’s sovereign wealth fund (GIC), the company said in a statement.

This will be the first GIC investment of Rs 770 crore towards subscription of equity and warrants, followed by up to Rs 1,425 crore in one or more tranches within 18 months upon exercise of warrants.

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After the investment, GIC will own approximately a 7.5 per cent equity stake in ABFRL, while Aditya Birla Group will hold a 51.9 per cent stake.

ABFRL will use the proceeds to accelerate its growth engine built around the strength of its current businesses along with a rapidly evolving play in emerging high-growth business models. All these transactions are subjected to regulation and other customary approvals.