TCNS shares Clothing gained over 2% after the Competition Commission of India (CCI) declared the acquisition by Aditya Birla Fashion and Retail.

The proposed combination comprises the acquisition of 51% of the expanded share capital of TCNS Clothing Co Limited by the acquirer Aditya Birla Fashion and Retail Limited.

At 9:21 am, the company’s shares were up 1.4% at Rs 420.4 on the BSE. The stock is 6% away from its 52-week low and 43% from its 52-week high.

The share price had jumped when the firm had said in early May that Aditya Birla Fashion & Retail would be obtaining a controlling stake in the company, unveiling an open offer to acquire another stake.

What motivated shareholders to the edge was that after the 51% acquisition, TCNS would be combined with Aditya Birla Fashion & Retail under the merger system, and public shareholders of TCNS would receive 11 shares of Aditya Birla Fashion & Retail for every 6 shares held in TCNS.

Aditya Birla Fashion and Retail is a listed company and a part of the Aditya Birla multinational. It retails branded products within the attire, footwear and accessories section through its retail stores, online retail platforms and e-commerce markets. It also includes the distribution and sale of women’s apparel, jewellery, footwear, and beauty products, currently undertaken under the brands, i.e. Aurelia, Wishful, Elleven and Folk Song.

In the March quarter, separate net sales were Rs 268.56 crore against Rs 234.42 crore in March 2022.