ABFRL shares surged 10% on BSE as plans for Madura Fashion & Lifestyle s demerger into a separate entity were disclosed. The move aims to create two distinct companies for enhanced value creation opportunities in the fashion sector.
The restructuring will help bring in sharper focus anchored on a differentiated strategy aligned with the individual business segment, said MD of ABFRL.
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Shares of ABFRL surged about 15 per cent to Rs 243.45 on Tuesday, hitting the second circuit limit, commanding a total market capitalization of more than Rs 24,700 crore.
The Board of Directors of Aditya Birla Fashion and Retail Ltd (ABFRL) on Monday authorised the management of the company to evaluate the vertical demerger of the Madura Fashion & Lifestyle business from the ABFRL into a separate listed company.