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TCNS Clothing Shares Zoom Post The Approval Of Acquisition By Aditya Birla Capital!

28 June 20232 mins read by Angel One
Aditya Birla Fashion and Retail Ltd would purchase 51% of the increased share capital of TCNS Clothing Co Ltd as part of the planned merger.
TCNS Clothing Shares Zoom Post The Approval Of Acquisition By Aditya Birla Capital!
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On Tuesday, the Competition Commission of India (CCI) approved the acquisition of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited. The proposed combination involves the acquisition of 51% of the expanded share capital of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited. 

On the BSE, the company’s shares were up 1.4% at Rs 420.4. The stock is just 43% off its 52-week high and only 6% from its 52-week low. When the firm announced in early May that Aditya Birla Fashion & Retail would be purchasing a controlling stake in the company and would make an open offer to buy further stakes, the share price immediately plummeted. 

Aditya Birla Fashion and Retail Ltd is a publicly traded corporation that is a subsidiary of the Aditya Birla Group. It sells branded items in the clothes, footwear, and accessories categories through its retail shops, online retail platforms, and e-commerce marketplaces. While TCNS Clothing is a publicly traded company that manufactures, distributes, and sells women’s clothes, jewellery, footwear, and beauty items under the labels W, Aurelia, Wishful, Elleven, and Folk Song. 

“The TCNS deal is a significant milestone for ABFRL because it complements their existing portfolio of exceptional brands across the entire spectrum of Indian fashion,” Aditya Birla Group Chairman Kumar Mangalam Birla said in a statement. 

TCNS Clothing shares are currently trading at Rs 417.50, up by 2.95 points or 0.71% from its previous closing of Rs 414.55 on the BSE. The scrip opened at Rs 424 and touched a high and low of Rs 424 and Rs 416 respectively. So far 3,190 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 2 has touched a 52-week high of Rs 728.50 and a 52-week low of Rs 391.35. The current market cap of the company is Rs 2,633.18 crore. 

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