Pantaloons changes its name to Aditya Birla Fashion and Retail
Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail Ltd (PFRL).
Pantaloons Fashion & Retail, which was acquired by Aditya Birla Nuvo Ltd (ABNL), on Tuesday announced change in its name to 'Aditya Birla Fashion and Retail Ltd'. The change would be effective from Tuesday, the company informed the BSE.
"The aforesaid name change is further to the effectiveness of the Composite Scheme of Arrangement between the company, ABNL, Madura Garments Lifestyle Retail Company Limited and their respective shareholders and creditors," the company said.
In May 2015, ABNL announced merger of all its branded apparel businesses into one entity, Aditya Birla Fashion and Retail Ltd.
Under the scheme of arrangement, the apparel businesses of group holding company Aditya Birla Nuvo and of another group firm Madura Garments Lifestyle Retail would be demerged into listed firm Pantaloons Fashion & Retail Ltd (PFRL).
Madura owns and retails brands such as Louis Philippe, Van Heusen, Allen Solly, Peter England and People.
In 2012, Aditya Birla Nuvo had entered into an agreement with the Future Group to infuse Rs 1,600 crore into Pantaloons and acquire a majority stake in the store chain.