Pantaloons Fashion jumped 19.92 per cent to Rs 136.60 -- its upper circuit limit on the BSE, while Aditya Birla Nuvo surged 12.94 per cent to Rs 1,773.55.
In a major consolidation exercise, Aditya Birla Group yesterday merged its apparel businesses into a Rs 5,290-crore entity named Aditya Birla Fashion and Retail (ABFRL), which will be the largest pure-play fashion lifestyle company in the the country.
The new entity will have a retail network of 1,869 exclusive stores.
According to the swap-ratio recommended by two independent valuers -- Price Waterhouse and Co LLP and Bansi Mehta and Co -- shareholders of ABNL will get 26 new equity shares of PFRL for every 5 equity shares held in ABNL, pursuant to the demerger of Madura Fashion.
Preference shareholder of MGLRCL will get one new equity share of PFRL.
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