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BSE SENSEX
72,488.99
-454.69
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Corporate Announcement
Security Code
535755
Company
Aditya Birla Fashion and Retail Ltd
Exchange Received Time
15/07/2019 15:36:13
Exchange Disseminated Time
15/07/2019 15:36:20
Time Taken
00:00:07
Announcement under Regulation 30 (LODR)-Acquisition |
7/15/2019 3:36:14 PM
Dear Sir/ Madam,
The 'ABFRL Acquisition Committee' of the Company has, today, approved a strategic partnership with India's leading designers 'Shantanu & Nikhil' by way of acquisition of 51% stake in 'Finesse International Design Private Limited' ('Finesse'), a company primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'.
The said acquisition will be through a combination of primary equity infusion and secondary share purchase by way of signing of Share Subscription and Purchase Agreement and Shareholders' Agreement with Finesse and its shareholders. The completion of proposed acquisition is subject to necessary approvals and customary closing conditions.
A press release with detailed information is enclosed herewith.
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