TCNS Clothing is now a subsidiary of Aditya Birla Fashion Retail Limited

Aditya Birla Fashion Retail Limited has acquired a 51% stake in womenswear business TCNS Clothing to become a promoter. Following the deal, TCNS Clothing is now a material subsidiary of Aditya Birla Fashion Retail Limited.

“The company has acquired 51% of the expanded share capital of TCNS, thereby acquiring control over TCNS,” announced ABFRL in a late night regulatory filing on September 26, the Press Trust of India reported. ABFRL first announced its plans to acquire a majority stake in TCNS Clothing in May this year and the deal was valued at Rs 1,650 crore, India Retailing reported. 
 
ABFRL acquired the stake of TCNS Clothing’s founding promoter through a share purchase agreement, which was then followed by an open offer. For the share purchase agreement, ABFRL acquired 1.41 crore equity shares of TCNS Clothing. 

“Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equity shares, in total, constituting 51% of the expanded share capital of TCNS,” read ABFRL’s regulatory filing. 
 
TCNS described itself as, “India’s leading women’s branded apparel company,” in a recent press release. The business counts over 600 exclusive brand outlets, over 2,300 large format store outlets, and 1098 multi-brand outlets spread across 29 Indian states as of February, 2023. Internationally, TCNS Clothing retails in Nepal, Mauritius, and Sri Lanka.