Aditya Birla Fashion and Retail (ABFRL) is picking up 29 per cent stake (1,87,08,227 shares) in TCNS Clothing.
ABFRL has made a conditional open offer to acquire up to 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
“This Offer is conditional upon a minimum level of acceptance of at least 1,30,23,918 (One Crore Thirty Lakhs Twenty Three Thousand Nine Hundred and Eighteen) Equity Shares representing 20.19 per cent (twenty point one nine percent) of the Expanded Share Capital of the Target Company (“Minimum Level of Acceptance”),” said TCNS Clothing in a BSE regulatory filing.
TCNS Clothing is the owner of popular ethnic brands W, Aurelia, Wishful, Folksong and Elleven.
Earlier this week, ABFRL said it has entered into definitive agreements to acquire a 51 per cent stake in TCNS Clothing. After the completion of the deal TCNS Clothing will be amalgamated with ABFRL and public shareholders of TCNS will receive 11 shares of ABFRL for every six shares that they hold in TCNS, the company had said.