The Board of Directors of Arvind Limited (BSE:500101) announced the spin-off of 89.69% stake in Arvind Fashions Limited on November 8, 2017. Pursuant to the terms of the transaction, 1 share of Arvind Fashions will be distributed for every 5 shares of Arvind Limited, held by its shareholders. No cash consideration shall be paid by Arvind Fashions to Arvind Limited.

The record date has decided as November 29, 2018. The scheme is subject to requisite statutory and regulatory approvals and sanction by the respective shareholders and creditors of each company involved i.e., Arvind Fashions Limited and Arvind Limited. The transaction was approved by the Board of Directors of Arvind Limited in a meeting held on November 8, 2017.

As of November 21, 2018, the transaction has been approved by the Hon'ble National Company Law Tribunal. As of March 8, 2019, the shares of Arvind Fashions has been listed on the stock exchange. Metta Capital Advisors LLP acted as financial advisor to Arvind Limited.