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Aditya Birla Fashion acquires 51% stake in TCNS Clothing, becomes promoter
The Business Guardian
|September 28, 2023
AdityaBirla Fashion Retail Ltd (ABFRL), a part ofAditya Birla Group, has completed the acquisition of a 51 per cent stake in TCNS Clothing to become a promoter of the women’s apparel brand.
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“The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS,” said ABFRL in a 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.
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