New Delhi, Nov 3 (SocialNews.XYZ) Arvind Fashions share price is up 8 per cent after the company sold its subsidiary, Arvind Beauty Brands Retail to Reliance Beauty and Personal Care.
Arvind Fashions' share price is up 8 per cent at Rs 351.70 on BSE.
Arvind Fashions has entered into a Share Purchase Agreement (SPA) with Reliance Beauty & Personal Care Limited, a wholly- owned subsidiary of Reliance Retail Ventures Limited to sell and transfer the entire equity stake held by the Company in Arvind Beauty Brands Retail Limited.
On a consolidated basis, the turnover of Arvind Beauty Brands Retail Limited in the previous Financial year 22-23 was Rs. 336.70 Crores which accounted for 7.60 per cent of the consolidated revenue of the Company. Net worth of Arvind Beauty Brands Retail Limited in the Financial Year 22-23 was Rs 10.6 crore which accounted for 1 per cent of the consolidated net worth of the Company.
Transaction has been done at enterprise value of Rs 216 crore towards sale of entire equity stake and repayment of loans. The Purchase consideration towards sale of entire equity stake is Rs 99.02 crore.
Upon completion of the formalities comprised under the SPA, the Arvind Beauty Brands would cease to be the subsidiary of the Company.
(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)
Source: IANS
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