Arvind Fashions to sell Unlimited retail biz to V-Mart Retail; stock up 16%

The company would receive cash consideration estimated at about Rs 150 crore upon the closure of transaction and thus, will fully recover the capital employed in the business

Shares of Arvind Fashion moved higher by 16 per cent to Rs 196.65 on the BSE in the intra-day trade on Thursday after the country’s leading casual and denim clothing manufacturer announced a divestment of the assets of ‘Unlimited’ business to V-Mart Retail in an all cash transaction for about Rs 150 crore. The company said it had decided to exit this business and to focus on growing the high-conviction focus brands.

"Arvind Lifestyle Brands Limited (ALBL), a wholly-owned subsidiary of Arvind Fashions Limited (AFL), has signed definitive agreements for strategic sale of assets of its Unlimited retail business