Mumbai, May 8: TCNS Clothing (TCNS), India s leading women s ethnic-focused fashion player, today announced that it has entered into definitive agreements for combining with ABFRL, India s leading fashion & apparel company, and a part of the Aditya Birla Group. The transaction entails a combination of TCNS into ABFRL and will be carried out through - (1) Acquisition of the founding promoter s stake through a SPA and a conditional public open offer followed by (2) Merger between the two entities.
TCNS to merge with Aditya Birla Fashion and Retail Limited (ABFRL) aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
Get latest articles and stories on Business at LatestLY. TCNS Clothing (TCNS), India s leading women s ethnic-focused fashion player, today announced that it has entered into definitive agreements for combining with ABFRL, India s leading fashion & apparel company, and a part of the Aditya Birla Group. The transaction entails a combination of TCNS into ABFRL and will be carried out through - (1) Acquisition of the founding promoter s stake through a SPA and a conditional public open offer followed by (2) Merger between the two entities. Business News | TCNS to Merge with Aditya Birla Fashion and Retail Limited (ABFRL).
ABFRL said it will make a conditional open offer to acquire up to a 29 per cent stake at Rs 503 per share from public shareholders and acquire the remaining stake from the founder promoters to reach an overall shareholding of 51 per cent in TCNS.