Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 per cent stake in TCNS Clothing to become a promoter of the women's apparel brand.
"The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS," ABFRL said in a late night regulatory filing on Tuesday.
TCNS has become a subsidiary of the company, and will also be a material subsidiary of the company in accordance with SEBI Listing Regulations, it added.
On May 5, Aditya Birla Group firm had announced that it will acquire a majority stake in TCNS Clothing, in a deal worth Rs 1,650 crore.
As per the deal, it acquired TCNS Clothing's founding promoter's stake through an SPA (Share Purchase Agreement), followed by an open offer.
As per SPA, ABFRL acquired a total of 1.41 crore equity shares constituting 22 per cent of the expanded share capital of the company.
"Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equity shares, in total, constituting 51 per cent of the expanded share capital of TCNS," it said.
TCNS reported a turnover of Rs 1,201.59 crore for the financial year ended on March 31, 2023.
"The acquisition is in line with the company's objective of building a comprehensive fashion portfolio across consumer segments and price points," according to ABFRL.
ABFRL registered a revenue of Rs 12,418 crore in the financial year 2022-23. It is India's first billion-dollar pure-play fashion powerhouse, the company said.
The company has a network of 4,008 stores across 33,874 multi-brand 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. It also owns the leading fashion retail chain Pantaloons.
It is also a retailer of international brands and has long-term exclusive partnerships with Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.
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