TCNS Clothing Co

Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 per cent 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 late night regulatory filing on Tuesday. TCNS has become a subsidiary of the company, and will also be a material subsidiary of the company in accordance with SEBI Listing Regulations, it added. On May 5, Aditya Birla Group firm had announced that it will acquire a majority stake in TCNS Clothing, in a deal worth Rs 1,650 crore. As per the deal, it acquired TCNS Clothing's founding promoter's stake through an SPA (Share Purchase Agreement), followed by an open offer. As per SPA, ABFRL acquired a total of 1.41 crore equity shares constituting 22 per cent of the expanded share capital of the company. "Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equi

The proposed combination involves acquisition of 51% of the expanded share capital of TCNS Clothing Co Limited by the Aditya Birla Fashion and Retail Limited

Given that TCNS has been lagging peers in recovery and underperforming for more than two years now, only a successful turnaround of the same can create shareholder value, analysts said

However, Kitex Garments said the company's order book in queue for 2023-24 indicates achieving a better performance in Q1 and normal performance by Q2

Aditya Birla Fashion and Retail, Trent, Shoppers Stop, Arvind Lifestyle, and TCNS Clothing Company saw their revenues hitting an all-time high in the September quarter

The stock touched a high of Rs 725 and low of Rs 628 on NSE, where shares worth Rs 7.8 billion were traded