Aditya Birla Fashion and Retail Limited completed the acquisition of 29% stake in TCNS Clothing Co. Limited in a tender offer transaction.
Axis Capital Limited acted as a financial advisor, and Link Intime India Pvt. Ltd. acted as a registrar to Aditya Birla Fashion and Retail Limited (NSEI:ABFRL). Deepak Sharma, Anay Khare, Nitin Idnani,Gaurav Goyal, Ashwini Sehgal and David Babu of Axis Capital Limited provided fairness opinion to the Board of ABFRL.
Aditya Birla Fashion and Retail Limited (NSEI:ABFRL) completed the acquisition of 29% stake in TCNS Clothing Co. Limited (NSEI:TCNSBRANDS) in a tender offer transaction on August 31, 2023. On completion, Aditya Birla Fashion and Retail Limited acquired 1,87,12,577 equity shares being 29% of the Expanded Share Capital of the TCNS Clothing Co. Limited pursuant to the Open Offer. The date of the opening of the open offer was from August 8, 2023, and the closure of the open offer was on August 23, 2023. Upon completion of the SPA in a related transaction, the post open offer shareholding of Aditya Birla Fashion and Retail Limited stands at 32,908,325 equity shares, representing approximately 51% stake and shareholding of Public stands at 31,617,802 equity shares, representing approximately 49% stake in TCNS Clothing Co. Limited.