Aditya Birla Fashion Retail Sees Major Block Deals, Stock Drops 8%

As regards Aditya Birla Fashion and Retail, as many as 4.35 crore shares (3.57% equity) worth ₹289 crore changed hands at ₹66.4 per share, as per a report by CNBC TV18. Earlier, the business channel had reported that Aditya Birla Fashion and Retail Ltd (ABFRL) may see an institutional investor sell up to 3% equity via a block deal. The offer was estimated at $32 million, with a floor price of ₹65.78 per share, which represents an 8.5% discount to the current market price of ₹71.89. This transaction is likewise reported to be a clean-out trade. Meanwhile, Aditya Birla Lifestyle Brands also witnessed a large transaction in the block deal window. Reports said around 2.8% equity exchanged hands via the block deal. CNBC-TV18 had reported earlier that an institutional investor in Aditya Birla Lifestyle Brands Ltd was expected to divest up to a 3% stake through a block deal. The proposed transaction was reported to be valued at around $43 million, with a floor price of ₹106.14 per share, reflecting an 8.4% discount to the previous closing price. The deal is expected to be a complete exit. About Aditya Birla Fashion and Retail Aditya Birla Fashion and Retail Limited is a leading player in the lifestyle apparel industry. The company is a part of the diversified global conglomerate, Aditya Birla Group. Founded in 1997, Aditya Birla Fashion and Retail Limited (ABFRL) was formed after the merger of the branded apparel business of Aditya Birla Group. Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) were merged in May 2015. After the consolidation, the new entity was renamed Aditya Birla Fashion and Retail Ltd. ABFRL is the first billion-dollar fashion apparel manufacturer and retailer in India. The company owns and operates some of the most popular retail outlets, like Pantaloons, together with an array of top fashion brands. Aditya Lifestyle Brands Aditya Birla Lifestyle Brands Ltd encompasses the lifestyle brands of Louis Philippe, Van Heusen, Allen Solly, Peter England and Simon Carter. Additionally, it has the youth-fashion western wear brand of American Eagle, an innerwear business under Van Heusen and the sportswear business of Reebok. The company has retail space spanning over 4.7 million square feet across India. The company has a network of 3,305 brand stores and a presence across 37,000 multi-brand outlets and 7,000 shop-in-shops across department stores.