Aditya Birla Fashion and Retail Ltd
said in a press note that the 'ABFRL Acquisition Committee' of the company has approved a strategic partnership with India's leading designers 'Shantanu & Nikhil' by way of acquisition of 51% stake in 'Finesse International Design Private Limited' ('Finesse').
Finesse is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'.
The company said the acquisition will be through a 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.
The completion of the proposed acquisition is subject to necessary approvals and customary closing conditions.
Objects and effects of acquisition to strengthen presence in the area of branded ethnic apparels and accessories covering both bespoke ceremonial wear and pret lines, the company added.
Aditya Birla Fashion & Retail Ltd ended at Rs206.45, down by Rs2.15 or 1.03% from its previous closing of Rs208.60 on the BSE.
The scrip opened at Rs209.45 and has touched a high and low of Rs210.65 and Rs202.90 respectively.