Aditya Birla Fashion Acquires Additional Stake in Goodview Fashion, Total Stake Now 51%
With this, Aditya Birla has raised its ownership position to 51% from 33.5% .
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Aditya Birla Fashion and Retail Ltd announced that it has acquired an additional stake of 17.5 % in Goodview Fashion Private Limited, which manufactures and sells ethnic fashion brand Tarun Tahiliani, for INR 127.42 crore. With this, Aditya Birla has raised its ownership position to 51% from 33.5% .
Following the acquisition, Aditya Birla declared in a stock exchange filing that Goodview Fashion, which is currently an associate company, has become its subsidiary as of July 11, 2024.
Through a secondary acquisition, the additional stake, which amounts to 1,870 equity shares, was acquired from Goodview Fashion’s existing stockholders. Aditya Birla stated that the transaction did not need any regulatory authorization.
Aditya Birla Fashion paid INR 67 crore to acquire 33.5% of Goodview in 2021. It also obtained the option to raise its ownership of Goodview to 51% in a few years at that time. Prior to this, the business bought a majority share in Sabyasachi, apparel brand Shantanu and Nikhil, and Jaypore.
In FY24, Goodview Fashion recorded revenue of INR 148 crore.
In late morning trading, Aditya Birla Fashion’s shares were down 0.22% on the BSE, trading at INR 322.80 a share.
Last month, Aditya Birla Group, the parent company of Aditya Birla Fashion, announced an investment of USD 50 million in a manufacturing and R&D (research and development) centre in Texas for the production of epoxy resins.
Aditya Birla Fashion and Retail Ltd announced that it has acquired an additional stake of 17.5 % in Goodview Fashion Private Limited, which manufactures and sells ethnic fashion brand Tarun Tahiliani, for INR 127.42 crore. With this, Aditya Birla has raised its ownership position to 51% from 33.5% .
Following the acquisition, Aditya Birla declared in a stock exchange filing that Goodview Fashion, which is currently an associate company, has become its subsidiary as of July 11, 2024.
Through a secondary acquisition, the additional stake, which amounts to 1,870 equity shares, was acquired from Goodview Fashion’s existing stockholders. Aditya Birla stated that the transaction did not need any regulatory authorization.
Aditya Birla Fashion paid INR 67 crore to acquire 33.5% of Goodview in 2021. It also obtained the option to raise its ownership of Goodview to 51% in a few years at that time. Prior to this, the business bought a majority share in Sabyasachi, apparel brand Shantanu and Nikhil, and Jaypore.
In FY24, Goodview Fashion recorded revenue of INR 148 crore.
In late morning trading, Aditya Birla Fashion’s shares were down 0.22% on the BSE, trading at INR 322.80 a share.
Last month, Aditya Birla Group, the parent company of Aditya Birla Fashion, announced an investment of USD 50 million in a manufacturing and R&D (research and development) centre in Texas for the production of epoxy resins.
