Aditya Birla Fashion and Retail Limited agreed to Spin-Off Madura Fashion & Lifestyle business on April 1, 2024. The consideration for demerger shall be discharged by issue of equity shares by the Resulting Company, with distribution ratio set as 1:1. The proposed demerger will enable the creation of two separately listed companies as independent growth engines with distinct capital structures and parallel value creation opportunities. As of April 19, 2024, Board of Directors of Aditya Birla Fashion and Retail Limited, after considering the recommendation of the Audit Committee and the committee of Independent Directors, considered and approved the Scheme of Arrangement.

Post necessary approvals, the demerger will be implemented through an NCLT scheme of arrangement, and all shareholders of ABFRL will have identical shareholding in the newly formed entity. The proposal will be subject to all statutory approvals from ABFRL Board of Directors, shareholders, creditors, regulators, along with other customary approvals.