On the merger plan between the company and TCNS Clothing Co., Aditya Birla Fashion and Retail Ltd ( ABFRL), announced on Friday ( March 15 ) that it has received a no-objection letter from BSE Ltd. and the National Stock Exchange of India Ltd.
According to the company, the effectiveness of the program will be impacted by the assent of the National Company Law Tribunal and other important certifications, as may be necessary.
Aditya Birla Fashion and Retail Ltd is engaged in the shopping of marketed items, including clothes, shoes and accessories section. The business is a member of the diverse conglomerate Aditya Birla Group and is a detailed company. TCNS Clothing Co Ltd is a detailed object, engaged in the business of production, distribution, retail cash and hold trading and sale of women’s apparel.
The Aditya Birla Group organization made the announcement on May 5 that it would buy a majority interest in TCNS Clothing in a package for about 1,650 crores. As per the deal, it acquired TCNS Clothing’s founding promoter’s stake through a SPA ( share purchase agreement ), followed by an open offer. According to the SPA, ABFRL seized 1.41 million equity stocks, which made up 22 % of the company’s increased share capital.
ABFRL registered a profit of ₹12, 418 million in the fiscal year 2022- 23. It is India’s second billion- money real- play fashion powerhouse, the company said. The firm has a system of 4, 008 outlets across 33, 874 multi- company outlets, with 6, 837 points of sales in department stores across India as of June 30, 2023. It has a repertoire of India’s largest brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. Additionally, it is the owner of Pantaloons, a renowned fashion retailer.
( Edited by: Shoma Bhattacharjee )