Sunday, July 21, 2024
spot_img
HomeBusinessAditya Birla Fashion share price today jumps 15%. Here's why

Aditya Birla Fashion share price today jumps 15%. Here’s why

Aditya Birla Fashion share price today jumps 15%. Here’s why


Aditya Birla Fashion share price: Aditya Birla Fashion and Retail (ABFRL) share price rose 15 per cent today (April 2) after the company’s board authorised the management to evaluate demerger of Madura Fashion & Lifestyle business from ABFRL into a separate listed company. Aditya Birla Fashion & Retail traded at 237.70, up 12.28 percent on the BSE, today and touched an intraday high of 243.45 and an intraday low of 229.70.

A logo of the Aditya Birla Fashion and Retail Ltd. Aditya Birla Fashion & Retail traded at 237.70, up 12.28 percent on the BSE,(abfrl.com)

Aditya Birla Fashion share price: Why are the shares rising?

It was earlier reported that around 1.34 crore shares of Aditya Birla Fashion & Retail (1.41 percent equity) worth 322.5 crore changed hands at an average 243 per share. The company said that through the proposed demerger it will create two separately listed companies.

Hindustan Times – your fastest source for breaking news! Read now.

Following approvals, the demerger will be implemented through an NCLT scheme of arrangement. All shareholders of ABFRL will have identical shareholding in the newly formed entity, the company said.

ABFRL will also raise growth capital within 12 months to infuse strength into its balance sheet, it said.

“The entity will have a strong balance sheet to power its future growth aspirations. Post necessary approvals, the demerger will be implemented through an NCLT scheme of the arrangement, and all shareholders of ABFRL will have an identical shareholding in the newly formed entity,” ABFRL announced.

What will be Aditya Birla Fashion and Retail’s portfolio after demerger?

Post-demerger, the portfolio of ABFRL would consist of value and masstige fashion retail play under Pantaloons and Style Up, ethnic wear, luxury and luxury platform of The Collective, Galleries Lafayette, and select luxury brands and TMRW.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments