Shares of Aditya Birla Nuvo (ABNL) and Pantaloons Fashion & Retail (PFRL) rallied after ABNL announced the consolidation of its branded apparel businesses under its listed subsidiary - Pantaloons Fashion & Retail (PFRL).
The Boards of Directors of ABNL, PFRL and Madura Garments Lifestyle Retail Company (MGLRCL), a subsidiary of ABNL, at their respective meetings yesterday have approved the consolidation of branded apparels businesses under PFRL, through a composite scheme of arrangement (Scheme).
To reflect the enhanced scope of the operations post consolidation, the board of PFRL has approved PFRL to be renamed as 'Aditya Birla Fashion & Retail Limited' (ABFRL).
'Having a combined turnover and EBITDA of Rs 52.90 billion and Rs 4.93 billion respectively for twelve months ended Dec. 31, 2014, ABFRL will have the widest retail network in India in the fashion space with 1,869 exclusive stores pan India across 4.8 million square feet, as on Mar. 31, 2015,' the company said
Aditya Birla Nuvo's shares are trading at Rs 1,801.90, up Rs 231.6, or 14.75% at the Bombay Stock Exchange (BSE) on Monday at 1:27 p.m. Meanwhile, shares of Pantaloons Fashion and Retail are trading at Rs 136.60, up Rs 22.70, or 19.93%.