Aditya Birla Fashion and Retail Limited (NSEI:ABFRL) made an offer to acquire 29% stake in TCNS Clothing Co. Limited (NSEI:TCNSBRANDS) for INR 9.4 billion on May 5, 2023. The offer price per share is INR 503. The sources of funds for the Acquirer are from their cash and cash equivalent. Aditya Birla Fashion and Retail Limited board has approved the acquisition. The offer will open from June 26, 2023, and will close on July 10, 2023. As of May 29, 2023, the transaction is subject to approval of the stock exchanges, and competition commission of India. The transaction is expected to be completed by later part of August or early September. The CCI Approval has been received on June 27, 2023 and the SEBI approval has been received on July 21, 2023.

Axis Capital Limited acted as a financial advisor, and Link Intime India Pvt. Ltd. acted as a registrar to Aditya Birla Fashion and Retail Limited (NSEI:ABFRL). Deepak Sharma, Anay Khare, Nitin Idnani,Gaurav Goyal, Ashwini Sehgal and David Babu of Axis Capital Limited provided fairness opinion to the Board of ABFRL.