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ABFRL to acquire 51% stake in designers Shantanu& Nikhil’s apparel brand

At the cost of aroundRs 60 crore including towards the subscription amount to be infused in Finesse ABRFL is acquiring 51% stake in designers Shantanu& Nikhil.  Finesse International Design Pvt Ltd is primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name ‘Shantanu& Nikhil’. The ABFRL acquisition committee of the board of directors of Aditya Birla Fashion and Retail Ltd… approved acquisition of 51 percent equity stake of Finesse through combination of primary equity infusion and secondary share purchase by way of signing of share subscription and purchase agreement and shareholders’ agreement with Finesse and its shareholders,” ABFRL said in a regulatory filing. ABFRL said cost of acquisition subject to closing adjustments is Rs 60 crore including towards the subscription amount to be infused in Finesse. The company said completion of proposed acquisition is subject to necessary approvals and customary closing conditions.

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