| The National Stock Exchange (NSE) Indices announced that it will replace TCNS Clothing Co. with Kalyani Steels in Nifty Microcap 250 index and Nifty Total Market index, effective 3 September 2024.
The changes are being made to reflect the scheme of amalgamation of TCNS Clothing Co. with Aditya Birla Fashion and Retail (ABFRL).
In May 2023, ABFRL announced the acquisition of a majority stake in TCNS Clothing Co in a deal worth Rs 1,650 crore. Subsequently in September 2023, ABFRL completed the acquisition of 51% stake in TCNS Clothing, thereby becoming its promoter.
The board of TCNS Clothing has set Tuesday, 3 September 2024, as the record date for determining shareholders who will be eligible to receive fully paid-up equity shares of ABFRL in exchange for their TCNS Clothing shares. The exchange ratio is 11 ABFRL shares for every 6 TCNS Clothing shares.
TCNS is a leading women’s branded apparel company. The company designs, manufactures, markets and retails a wide portfolio of women’s branded apparel across multiple brands. Its product portfolio includes top-wear, bottom-wear, drapes, combination sets and accessories that cater to a wide variety of the wardrobe requirements of the Indian woman, including everyday wear, casual wear, work wear and occasion wear. It sells its products across India and through multiple distribution channels.
Kalyani Steels, a subsidiary of the diversified Kalyani Group, makes high-quality steel products. Renowned for its expertise in forging steel, Kalyani Steels is a preferred supplier to various automotive sectors. The company's steel finds applications in critical components such as crankshafts, camshafts, connecting rods, gears, transmission shafts, axle beams, steering knuckles, and more. These products are essential for both commercial vehicles, passenger cars, and construction equipment.
Shares of TCNS Clothing Co. were up 1% at Rs 581.35 while shares of Kalyani Steels were down 1.26% at Rs 791.75.
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