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Pantaloons Fashion Retail changes its name to Aditya Birla Fashion and Retail

By Sujata Sachdeva

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Business

Pantaloons Fashion & Retail, which was acquired by Aditya Birla Nuvo (ABNL), has announced a change in its name to 'Aditya Birla Fashion and Retail Ltd', Pantaloons Fashion & Retail has fixed January 21 as the record date for determining the entitlement of equity shareholders of Aditya Birla Nuvo upon its merger of Aditya Birla Group’s businesses. In May last year, Aditya Birla Group merged its apparel businesses into Rs 5,290 crores entity named Aditya Birla Fashion and Retail (ABFRL), which is expected to be the largest pure-play fashion lifestyle company in the country.

The new entity will have a retail chain of 1,869 exclusive stores and a revenue of Rs 6,000 crores. Under a scheme approved by the boards of respective companies, the apparel businesses of group holding company Aditya Birla Nuvo (ABNL) and Madura Garments Lifestyle Retail Company (MGLRCL) would be demerged into the listed Pantaloons Fashion & Retail (PFRL).

In this arrangement shareholders of ABNL will get 26new equity shares of PFRL for every 5 equity shares held in ABNL after the demerger of Madura Fashion. Shareholders of MGLRCL will get 7 new equity shares of PFRL for every 500 equity shares held in the MGLRCL after the merger of Madura Lifestyle.

Aditya Birla Fashion and Retail
Pantaloons