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Aditya Birla Fashion & Retails Scheme to undo its consolidation
M & A Critique
|May 2024
Corporate restructuring saga continues for Aditya Birla Group.
Recently, the board of directors of Aditya Birla Fashion and Retail Limited announced a vertical split by separating Madura Fashion and Lifestyle business (MFL Business) from ABFRL into a newly incorporated company.
Aditya Birla Fashion and Retail Limited ("ABFRL" or "Demerged Company") is ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group. ABFRL runs a diverse portfolio of fashion brands and retail formats with key business segments comprising of Madura Fashion and Lifestyle and Pantaloons, Ethnic portfolio along with other new growth platforms. The equity shares of the Demerged Company are listed on the Stock Exchanges and Non-Convertible Debentures are listed on BSE Limited.
Aditya Birla Lifestyle Brands Ltd. ("ABLBL" or "Resulting Company") is incorporated recently to facilitate the proposed demerger. Currently, ABLBL is a wholly owned subsidiary of ABFRL.
Past Restructurings
The garment business of Aditya Birla group has already undergone major corporate restructurings in past.
In 2010, the domestic garment business of the company was demerged to Aditya Birla Nuvo Limited. In 2013, Aditya Birla group taken over Pantaloons from future group through demerger. It marked as one of the largest acquisitions (through demerger) in Indian fashion industry.
In 2015, Aditya Birla Group consolidated entire garment business by demerging branded apparel manufacturing and retailing division of Aditya Birla Nuvo Limited (Madura fashion and lifestyle) and branded apparel retailing business of Madura Garments Lifestyle Retail Company Limited (Madura garments lifestyle] into ABFRL. Interestingly, the current scheme is effectively to undo what was done pursuant to this scheme.
Dit verhaal komt uit de May 2024-editie van M & A Critique.
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