Aditya Birla Fashion and Retail Limited (NSEI : ABFRL) executed a share purchase agreement to acquire a 22% stake in TCNS Clothing Co. Limited (NSEI : TCNSBRANDS) from Arvinder Singh Pasricha, Onkar Singh Pasricha, Saranpreet Pasricha and Parmeet Pasricha for INR 7.1 billion on May 5, 2023. The Aditya Birla will buy maximum 14.2 million shares at a consideration of INR 503 cash per sale shares, subject to adjustments under the SPA. In a related transaction, Aditya Birla Fashion and Retail Limited made an open offer to acquire a 29% stake in TCNS Clothing Co. Limited for INR 9.4 billion. The transaction is subject to shareholders of the acquirer, statutory, regulatory approvals, and approval of the Competition Commission of India. The SPA is expected to be completed within 9-12 months. As of May 20, 2023. ABFRL Board has approved the company to acquire 51% stock in TCNS Clothing Company Limited through a combination of SPA with founder promoters and conditional public open offer. As of May 29, 2023, the open offer is for the acquisition of 29%, conditional upon a minimum acceptance of 20.19%. Acquisition from the promoters would range from 22% to 30.81% depending on the public open offer. As of June 27, 2023, CCI has approved the transaction.

Inder Mohan, SinghShardul and Sadia Khan of Amarchand Mangaldas & Co acted as legal advisor to TCNS and Transaction Square LLP acted as accountant to TCNS. Deepak Sharma, Anay Khare, Nitin Idnani,Gaurav Goyal, Ashwini Sehgal and David Babu of Axis Capital Limited provided fairness opinion to the Board of ABFRL. Credit Suisse acted as financial advisor to TCNS Clothing in the transaction.

Aditya Birla Fashion and Retail Limited (NSEI : ABFRL) completed the acquisition of 22% stake in TCNS Clothing Co. Limited (NSEI : TCNSBRANDS) from Arvinder Singh Pasricha, Onkar Singh Pasricha, Saranpreet Pasricha and Parmeet Pasricha on September 26, 2023.