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

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.