Aditya Birla Fashion and Retail Limited (BSE:535755) enter into a binding term sheet to acquire 52.4% stake in House of Masaba Lifestyle Private Limited for approximately INR 900 million on January 14, 2022. The consideration will be paid in cash. The transaction is expected to close on indicative time period of 60-90 days.

The proposed acquisition is subject to signing of definitive agreements, completion of closing conditions precedent to be set out in the definitive agreements and statutory approvals, if any. As of January 14, 2021, the transaction has been approved by the Board of Directors of Aditya Birla Fashion and Retail Limited. Wazir Advisors acted as sole advisors for this transaction.

As of May 18, 2022, The board by noting completion of the closing conditions precedent and authorized officers of the Company to take necessary actions to close the acquisition by signing definitive agreements, post which the Company will hold 52.4% stake in 'House of Masaba Lifestyle Private Limited' making it a subsidiary of the Company.