Aditya Birla Fashion and Retail (ABFRL) announced that it has raised its stake in Goodview Fashion (GFPL) to 51% from 33.5% for a cash consideration of Rs 127.42 crore.
The company raised its stake through a secondary acquisition of a 17.5% stake i.e. 1,870 equity shares from the existing shareholders of GFPL.
Goodview Fashion engaged in manufacturing and selling of ethnic couture fashion under the brand Tarun Tahiliani. It has recorded a revenue of Rs 148 crore in FY24.
Aditya Birla Fashion and Retail (ABFRL) is engaged in the business of manufacturing and retailing branded apparel and runs a chain of apparel and accessories retail stores in India.
On a consolidated basis, Aditya Birla Fashion and Retail (ABFRL) reported a net loss of Rs 229.57 crore in Q4 FY24 as against a net loss of Rs 186.94 crore recorded in Q4 FY23. Revenue from operations jumped 18.3% year on year to Rs 3,406.65 crore in the March 2024 quarter.
The scrip rose 0.56% to currently trade at Rs 325.30 on the BSE.
The article originally appeared on Business Standard.