Aditya Birla fashion raises stake in Tarun Tahilani brand for for Rs 127 Cr
With this acquisition, Aditya Birla has increased its stake in the brand from 33.5% to 51%.
Aditya Birla Fashion and Retail Ltd has acquired an additional stake of 17.5 % in Goodview Fashion Private Limited, which manufactures and sells ethnic fashion brand Tarun Tahiliani, for Rs 127.42 crore. With this, Aditya Birla has increased its stake from 33.5% to 51%.
Following the acquisition, Goodview Fashion, which is currently an associate company of Aditya Birla, has become its subsidiary with effect from July 11 2024, Aditya Birla said in a stock exchange filing.
The additional stake, which amounts to 1,870 equity shares, was acquired through secondary acquisition from the existing shareholders of Goodview Fashion. Aditya Birla said no regulatory approvals were required for the acquisition.
Goodview Fashion clocked a revenue of Rs 148 crore in FY24.
Aditya Birla Fashion’s shares were down 0.22% on the BSE, trading at Rs 322.80 apiece in late morning trade.
Last month, Aditya Birla Group, the parent company of Aditya Birla Fashion, announced an investment of $50 million in a manufacturing and R&D (research and development) centre in Texas for the production of epoxy resins.
Edited by Swetha Kannan