Shardul Amarchand Mangaldas advises TCNS Clothing Co. Limited and its promoter shareholders on sale of 51% share capital to and a subsequent merger with Aditya Birla Fashion and Retail Limited

May 16, 2023

Shardul Amarchand Mangaldas advised TCNS Clothing Co. Limited (“Company”) and its promoter shareholders in the composite transaction involving sale of 51% of the expanded share capital of the Company to Aditya Birla Fashion and Retail Limited (“ABFRL”) in terms of the Share Purchase Agreement and a subsequent merger of the Company with ABFRL under a court approved scheme of amalgamation. Considering (i) the cash component under the SPA & Open Offer; and (ii) share swap under the Scheme, the deal value will be approx. INR 3,105 crores (USD 380 million). The date of signing the deal was 05 May 2023.

This is one of the largest deals in the Indian fashion space.

The transaction team was led by Inder Mohan Singh, Partner along with Sadia Khan, Partner; Ankit Goel, Principal Associate; Diya Das, Senior Associate; Sargam Marwaha, Senior Associate; Priyanka Khatri, Senior Associate; Eksha Narayan, Associate; Anubhav Anand, Deputy Manager Compliance.

Credit Suisse and Transaction Square LLP advised TCNS Co Limited on the deal related aspects and tax advisory, respectively.