Aditya Birla Fashion: Aditya Birla Group company Aditya Birla Fashion and Retail Limited has informed the stock markets that it has completed the acquisition of 51 percent stake in TCNS Clothing. TCNS has now become a subsidiary company of ABFRL.
TCNS now becomes a subsidiary company of ABFRL
ABFRL said in the information given to the stock market that the company has acquired 51 percent of the expanded share capital of TCNS, thereby gaining control over TCNS. The statement said, TCNS has now become a subsidiary company of ABFRL. The company will also have an asset subsidiary company under the listing regulations of the Securities and Exchange Board of India (SEBI). The Aditya Birla Group company had announced on May 5 that it is going to acquire majority stakeholding in TCNS Clothing in a deal worth Rs 1650 crore.
ABFRL bought shares under open offer
Under the open offer, Aditya Birla Fashion has acquired 22 percent stake from the promoters and promoter group of TCNS Clothing. Under this, Aditya Birla Fashion has acquired this stake from Arvinder Singh Pasricha, Omkar Singh Pasricha, Saranpreet Singh Pasricha and Parmeet Pasricha for a total of Rs 685 crore. With this purchase, Aditya Birla Fashion has 51 percent stake in TCNS Clothing.
Know the turnover of TCNS Clothing
The overall turnover of TCNS Clothing in the financial year 2023 was Rs 1201 crore, which can be said to be a good increase compared to its annual turnover of Rs 896 crore in the previous financial year 2022.
Aditya Birla Know Fashion and Retail Limited
Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company headquartered in Mumbai. It is one of India’s largest fashion retail companies, with revenues of Rs 12,418 crore ($1.6 billion).
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