Aditya Birla Fashion and Retail has informed that the Board of Directors of the Company at its meeting held today have considered and approved the following matters: Acquisition of between 1,41,92,448 to 1,98, 76,757 equity shares (Sale Shares) of TCNS Clothing (Target Company), representing between ~22.0% and ~30.81% of the Expanded Share Capital of the Target Company, as defined in the Public Announcement (PA) from the promoters of the Target Company, subject to shareholders, statutory and regulatory approvals for a consideration of INR 503 per equity share (subject to closing adjustments), and for the said purpose, the Company has executed a Share Purchase Agreement with Arvinder Singh Pasricha, Onkar Singh Pasricha, Saranpreet Pasricha, Parmeet Pasricha (collectively, 'Sellers') and the Target Company as on the date hereof (SPA); Making an open offer for up to 1,87,08,227 equity shares, constituting 29.0% of the Expanded Share Capital, at a price of INR 503 per equity share from the public shareholders of the Target Company, conditional upon a minimum level of acceptance of 1,30,23,918 equity shares, constituting ~20.19% of the Expanded Share Capital (Minimum Level of Acceptance') (Open Offer). Acquisition by the Company of (i) Sale Shares under the SPA; and (ii) equity shares of the Target Company pursuant to the Open Offer, is collectively referred to as 'Acquisition'.
The above information is a part of company’s filings submitted to BSE.