Key Points
The acquisition of TCNS Clothing gives Aditya Birla Fashion Retail entry into the womens premium ethnic wear segment..
The TCNS acquisition supplements ABFRLs own ethnic womens wear collection and gives it access to premium brands such as W, Aurelia, Wishful and Eleven..
On May 5, (ABFRL) announced the acquisition of ethnic wear retailer TCNS Clothing in a cash and share swap deal..
ABFRL will buy a 51 per cent stake in TCNS by acquiring shares from its promoters and an open offer at 503 per share for a total cash consideration of 1,650 crore..
The open offer is for 29 per cent of the expanded capital, conditional upon a minimum acceptance of a 20.19 per cent stake from the public shareholders.. businessline caught up with Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail, for more colour on the transaction...
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Aditya Birla Fashion to acquire TCNS Clothing in ₹1,650 crore deal
06, May, 23Aditya Birla Fashion Retail Limited (ABFRL) said it has entered into definitive agreements to acquire TCNS Clothing, the owner of leading ethnic brands W, Aurelia, Wishful, Folksong and Elleven.
We want to rapidly grow our business in ethnic wear: Ashish Dikshit
08, May, 23"The merger, however, will take longer. Having said that, if we had gone in for an all-cash deal, it would have been an excessive burden on ABFRL's balance sheet, which we did not want," Dikshit said.
Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition
07, May, 23For funding, we probably need about ₹700 to 800 crore through external debt, which we will have to raise... The remaining ₹800 crore will be funded through internal accruals, Ashish Dikshit, managing director of ABFRL told ET. Our balance sheet is strong enough to raise that.