Aditya Birla Fashion share price gains 4%

Aditya Birla Fashion share price gains 4%

Aditya Birla Fashion & Retail share price jumped over 4 percent intraday on January 21 after the Competition Commission of India (CCI) approved Flipkart's acquisition of a 7.8 percent stake.

CCI on January 20 approved a Rs 1,500-crore deal between Aditya Birla Fashion and Flipkart, which allows the e-commerce company to acquire a 7.8 percent in the Birla Group entity.

The Commission approves the acquisition of a 7.8 percent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Pvt Ltd," the CCI, which is India’s nodal anti-trust regulator, said on Twitter.

Flipkart and Aditya Birla Fashion had announced the agreement in October last year. According to the BSE filing by Flipkart, the company would be acquiring shares equivalent to 7.8 percent in the company at a price of Rs 205 each.