Aditya Birla Fashion Retail has finished the acquisition of a 51% stake in TCNS Clothing to become a promoter in the women’s apparel brand.

Aditya Birla Fashion Retail said in its regulatory filing, “The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS.”

TCNS has now become a subsidiary company and will also become a material subsidiary of the company under SEBI Listing Regulations.

On 5 May, the company announced its plan to acquire a majority stake in TCNS Clothing for Rs 1,650 crore. The company acquired TCNS Clothing’s founding promoter’s stake through a share purchase agreement and through an open offer.

The company has acquired 1.41 crore equity shares of TNCS Clothing, representing 22% of the expanded share capital of the company through a share purchase agreement. Following the share purchase agreement, the company acquired 3.29 crore shares through an open offer and acquired a total stake of 51% of the expanded share capital of TCNS.

According to the company, the acquisition is in line with its objective of building a comprehensive fashion portfolio across consumer segments and price points.