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Aditya Birla Fashion to acquire 51% stake in TCNS Clothing for Rs.1,650-Cr

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Aditya Birla Fashion and Retail Ltd (ABFRL) is to acquire 51% stake in fellow publicly listed TCNS Clothing, the owner of ethnic brands W, Aurelia, Wishful, Folksong and Elleven, for INR 1,650 crore. The deal will be consummated through an open offer to public shareholders (29% stake) and purchase of the balance shares from TCNS' promoters, at a per share price of INR 503. The public shareholders of TCNS will receive 11 shares of ABFRL for every 6 shares that they hold in TCNS. TCNS designs, manufactures, markets and retails a wide portfolio of women's branded apparel across multiple brands. It sells products through 650+ exclusive brand outlets, 2300+ large format store outlets and 1100+ multi-brand outlets across India. It had reported a Turnover of INR 933.03 crore and a Profit after tax of INR 10.58 crore as on December 31, 2022.

From the Venture Intelligence PE-VC Deal Database: Between Aug-16 and Jun-20, TCNS had attracted over USD 150 M from Elevation Capital, ChrysCapital and TA Associates. The company went public in Jul-18. Public markets focused Nalanda Capital had also invested in the company in Feb-21.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)