ABFRL Acquires Control Via 51% Stake In TCNS Clothing

Aditya Birla Fashion Retail Ltd (ABFRL) has acquired a 51 percent stake in TCNS Clothing to become a promoter of the women’s apparel brand.

“The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS,” ABFRL said in a regulatory filing.

Aditya Birla Group had announced in May 2023 that it will acquire a majority stake in TCNS Clothing, in a deal amounting to Rs 1,650 crore.

As per the deal, the Group acquired TCNS Clothing’s founder’s stake through a Share Purchase Agreement (SPA), which was followed by an open offer.

ABFRL acquired a total of 1.41 crore equity shares constituting 22 per cent of the expanded share capital of the company.

Consequently, the company acquired 3.29 crore equity shares, constituting 51 per cent of the expanded share capital of TCNS.

TCNS reported revenues of Rs 1,201.59 crore in fiscal ending on March 31, 2023, while ABFRL recorded a turnover of Rs 12,418 crore in the same fiscal.