Aditya Birla Fashion share price today jumps 15%. Here's why - Hindustan Times
close_game
close_game

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

Apr 02, 2024 10:25 AM IST

Aditya Birla Fashion share price: Aditya Birla Fashion & Retail traded at ₹237.70, up 12.28 percent on the BSE and touched an intraday high of ₹243.45.

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 <span class='webrupee'>₹</span>237.70, up 12.28 percent on the BSE,(abfrl.com)
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)

Read more: Want to be younger? Millionaire Bryan Johnson is selling this product ‘second only to Mother’s milk’

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.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore 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.

Read more: Naman In-Store shares list at 40% premium over IPO price on NSE SME: All you need to know

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.

Read more: Adani Power share price jumps 5% for 2nd consecutive day: What's happening?

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.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, April 18, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On