DelhiDesk Aditya Birla Fashion (ABFRL) has acquired a 51% stake in TCNS Clothing for INR 16.5bn ($226m). The deal saw TCNS Clothing’s stock fall 20% on the Bombay Stock Exchange. ABFRL will acquire the remaining stake from the founders and merge the firm with its own operations. The firm will also make a conditional open offer for 29% of public shareholders’ shares at INR 503 per share, as part of the deal.
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Here is the news bullets sorted by DelhiBreakings.com team.
– Aditya Birla Fashion acquires 51% stake in TCNS Clothing for Rs 1650 crore
– TCNS Clothing stock closed at Rs 416.65, down 20% on BSE after the deal
– ABFRL to make a conditional open offer to acquire 29% stake at Rs 503 per share
– ABFRL to acquire remaining stake from founder and promoters to reach a total shareholding of 51%
– TCNS to be merged with ABFRL under the Merger Scheme
– Public shareholders of TCNS to receive 11 shares of ABFRL for every 6 shares held by them in TCNS
– Brokerage firm MK advises public shareholders to tender shares in an open offer at Rs 503
– ABFRL to raise Rs 700 to 800 crore in debt to support the acquisition
– TCNS Clothing stock declined by 47.64% in the last one year
– GoodReturns reports new plan of Vodafone Idea and Birla’s entry may threaten Jio-Airtel
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