TCNS, whose turnover was ₹1,201.59 crore in fiscal 2022-23, is now a subsidiary of ABFRL, whose revenue in the same fiscal was ₹12,418 crore.

The Aditya Birla Group firm had on May 5 this year announced that it would acquire a majority stake in TCNS Clothing in a deal worth ₹1,650 crore.

''The acquisition is in line with the company's objective of building a comprehensive fashion portfolio across consumer segments and price points,'' ABFRL said.

As per the deal, it acquired TCNS Clothing's founding promoter's stake through a share purchase agreement (SPA), followed by an open offer.

ABFRL acquired a total of 1.41 crore equity shares comprising 22 per cent of the expanded share capital of the company.

''Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equity shares, in total, constituting 51 per cent of the expanded share capital of TCNS,'' it said.

ABFRL had a network of 4,008 stores across 33,874 multi-brand outlets with 6,837 points of sales in department stores across India as of June 30 this year.

Fibre2Fashion News Desk (DS)