The worth of the promoter stake and open supply consideration for TCNS is ~ Rs. 1650 Crores for 51 per cent stake, making this one of many largest offers within the Indian style area.
Talking on the transaction,
Over time, TCNS has advanced into a number one ladies’s branded attire firm with a confirmed playbook of a number of model creations and seamless execution throughout a number of channels.
Commenting on the acquisition, Ashish Dikshit, Managing Director, ABFRL mentioned, “As younger Indians determine a new-found confidence of their identities woven round Indian tradition and heritage, the subsequent set of main shopper manufacturers can be constructed within the Indian ethnic put on area. TCNS, by means of its manufacturers W, Aurelia, Wishful & Elleven, is catering to the Indian ladies’s style wants throughout markets and worth factors. Every of those manufacturers have been constructed over a protracted time frame and revel in super shopper love. This transaction is the pivotal piece of our ethnic technique and marks the end result of our said intent of constructing India’s most complete ethnic put on portfolio.”
Anant Daga, Managing Director of TCNS mentioned, “TCNS has been a pioneer in branded ladies’s ethnic put on market within the nation. Over the past 20 years, we’ve constructed India’s most profitable ladies’s franchise on the again of our main manufacturers. The market continues to supply long-term progress alternatives and our partnership with ABFRL will assist us absolutely notice this potential. ABFRL’s confirmed brand-building functionality, distribution energy and powerful ecosystem of companions will assist our manufacturers into its subsequent part of progress and profitability.”
Credit score Suisse acted because the unique monetary advisor and Shardul Amarchand Mangaldas & Co acted because the authorized advisors for the transaction. Grant Thornton acted as an unbiased valuer for TCNS whereas ICICI Securities offered the Equity Opinion to the Board of TCNS.
As a part of the transaction, ABFRL will make a conditional open supply to amass as much as 29 per cent stake at Rs. 503 per share from public shareholders and purchase the remaining stake from the founder promoters to succeed in an general shareholding of 51% in TCNS. Pursuant to the above, TCNS can be amalgamated with ABFRL beneath the merger scheme whereby public shareholders of TCNS (as on efficient date) will obtain 11 shares of ABFRL for each 6 shares that they maintain in TCNS.
The transaction is topic to customary regulatory approvals together with approvals from the Competitors Fee of India, SEBI, Inventory Exchanges, and Nationwide Firm Legislation Tribunal.
IAF’s MiG-21 crashes in Rajasthan; three civilians killed, pilot secure
India coal imports surge to 162 MT in FY23; inbound coking coal cargo grows to 54 MT