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Aditya Birla Fashion And Retail Ltd - Announcement under Regulation 30 (LODR)-Updates on Acquisition

| Updated on July 26, 2019 Published on July 26, 2019

This is further to our communication dated July 15, 2019 wherein it was informed that the ABFRL Acquisition Committee of the Company had approved a strategic partnership with designers Shantanu & Nikhil through acquisition of 51% stake in Finesse International Design Private Limited (Finesse) by way of signing of a Share Subscription and Purchase Agreement (SSPA) and a Shareholders Agreement (SHA) with Finesse and its shareholders (the said transaction). The said transaction was subject to completion of customary closing conditions under the SSPA and SHA (signed on July 15, 2019).

This is to update that the Board of Directors of the Company, at its meeting held today, has noted completion of the closing conditions and under the SSPA and the SHA and consequently approved completion of the said transaction by way of:-
a) subscription towards equity infusion and
b) secondary share purchase from its existing shareholders.
On completion of the above, the Company will hold 51% in Finesse and consequently, Finesse will become a subsidiary of the Company.

Pdf Link: Aditya Birla Fashion And Retail Ltd - Announcement under Regulation 30 (LODR)-Updates on Acquisition

Source : BSE - www.bseindia.com

Published on July 26, 2019
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