Aditya Birla Fashion becomes more ethnic with TCNS

Aditya Birla Fashion's ever-increasing brand portfolio has a new entrant. It will soon acquire a 51 per cent stake in TCNS Clothing, a leading women's ethnic wear manufacturer, for Rs 1,650 crore. It will acquire up to a 29 per cent stake in the company through a public offer at Rs 503 per share and the rest from promoters. Post the acquisition, Aditya Birla Fashion plans to merge TCNS with itself and give its shareholders 11 shares of Aditya Birla Fashion for every six shares held in TCNS. A bit about TCNS Clothing TCNS is primarily known for its ethnic garments. It has four major brands in its portfolio: Premium fusion wear brand - W (54 per cent of revenue in FY22); Contemporary ethnic wear brand - Aurelia (39 per cent of revenu