ABFRL said cost of acquisition subject to closing adjustments is Rs 60 crore including towards the subscription amount to be infused in Finesse.
Aditya Birla Fashion and Retail Ltd (ABFRL) on July 15 said it will acquire a 51 percent stake in Indian fashion designers duo Shantanu & Nikhil's apparel firm Finesse International Design.
Finesse International Design Pvt Ltd is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'.
"The ABFRL acquisition committee of the board of directors of Aditya Birla Fashion and Retail Ltd... approved acquisition of 51 percent equity stake of Finesse through 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," ABFRL said in a regulatory filing.
ABFRL said cost of acquisition subject to closing adjustments is Rs 60 crore including towards the subscription amount to be infused in Finesse.
"Indian ethnic wear is a large segment in Indian fashion market and we have identified it as an important growth opportunity for ABFRL. This partnership will further deepen our presence in this important and fast-growing segment and strengthen our leadership position in the overall branded apparel market," ABFRL Managing Director Ashish Dikshit said.
The company said completion of proposed acquisition is subject to necessary approvals and customary closing conditions.
