Aditya Birla Fashion acquires 51% stake in TCNS Clothing; opens Soktas first ever brand outlet

NEW DELHI: Aditya Birla Fashion Retail Ltd (ABFRL) has successfully concluded its acquisition of a commanding 51% stake in TCNS Clothing, solidifying its role as the primary promoter of the esteemed women's apparel brand.

In a regulatory filing made late on Tuesday, ABFRL announced, "The company has secured a substantial 51% interest in the expanded share capital of TCNS, thereby consolidating its control over TCNS."

As a result of this acquisition, TCNS is now officially a subsidiary of ABFRL and is classified as a material subsidiary under SEBI Listing Regulations.

The deal, valued at Rs 1,650 crore, was first disclosed by the Aditya Birla Group firm on May 5th. It entailed the acquisition of TCNS Clothing's founding promoter's stake via a Share Purchase Agreement (SPA), followed by an open offer.

In a parallel development, Soktas, the illustrious brand known for its luxurious cotton fabrics under the Grasim Industries banner, has inaugurated its very first exclusive brand outlet in India. Situated in Jayanagar, Bengaluru, the store was formally opened by Darling Krishna, an esteemed actor and director in Kannada Cinema, alongside Jasvinder Kataria, the chief operating officer of domestic textiles at Grasim Industries, Aditya Birla Group.

Expressing his enthusiasm regarding the launch, Jasvinder Kataria remarked, "The unveiling of SOKTAS' inaugural standalone retail outlet in Bengaluru marks a significant milestone for us. Our fabrics transcend mere textiles; they epitomize elegance and sophistication."
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