Nalanda India offloads stake in TCNS, shares see marginal decline

Foreign portfolio investor Nalanda India Equity Fund sold 8,89,635 equity shares or 1.4 percent stake in TCNS Clothing, via open market transactions

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Shares of TCNS Clothing were trading less than one percent lower on the NSE, a day after portfolio investor Nalanda India Equity Fund offloaded 1.4 percent stake in the clothing manufacturer.

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According to BSE bulk deals data, foreign portfolio investor Nalanda India Equity Fund sold 8,89,635 equity shares or 1.4 percent stake in TCNS Clothing, via open market transactions at an average price of Rs 370.03 per share. As of June 2023, Nalanda India held a 6.84% stake in TCNS.

In May 2023, the Aditya Birla Group announced that it had entered into an agreement to acquire a majority stake in TCNS Clothing. The deal worth Rs 1,650 crore included the founding promoter’s stake through an SPA (Share Purchase Agreement) and a conditional public offer.

Also Read: ABFRL to acquire 51% stake in TCNS Clothing in Rs 1,650 crore deal

For the quarter ending June 2023, TCNS reported a 11 percent year-on-year decline in net sales to Rs 244.07 crore. Net Loss for the same period also widened to Rs 37 crore, from Rs 28 crore in June 2022. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the same period was a negative Rs. 5.6 crore in June 2023 down from Rs. 37.9 crore in June 2022.

Also read: Why investors are unhappy with Aditya Birla Fashion’s performance

TCNS Clothing specialises in ethnic womenswear with brands such as W, Aurelia, Wishful, Folksong, and Elleven.

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