Cyril Amarchand Mangaldas (CAM) has advised Aditya Birla Fashion and Retail Ltd. (ABFRL) on the successful listing of Aditya Birla Lifestyle Brands Limited (ABLBL) on the BSE Limited and NSE India. The listing follows the vertical demerger of ABFRL’s Madura Fashion and Lifestyle business, carried out through a scheme of arrangement under Sections 230–232 of the Companies Act, 2013.
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Under the transaction, 1,22,02,94,773 equity shares of ABLBL were listed, marking a significant restructuring milestone for the Aditya Birla Group’s branded fashion portfolio.
Legal Advisory
Cyril Amarchand Mangaldas acted as the sole legal counsel for ABFRL in this transaction, handling corporate structuring, regulatory approvals, and capital markets advisory.
The core corporate and M&A aspects were led by Pranay Chandran, with support from Shrishti Singh, Sayali Jadhav, Isha Tandon, Naman Jain, and Ajitesh Arya.
The capital markets team was led by Ravi Dubey and Anshul Roy, with assistance from Esha Gupta, Aniruddh Saraswat, and Harshita Pareek.
No other law firms have been publicly disclosed as involved in the implementation of the scheme and the listing process.
Deal Overview
| Feature | Details |
|---|---|
| Company | Aditya Birla Fashion and Retail Ltd. (ABFRL) |
| New Entity | Aditya Birla Lifestyle Brands Limited (ABLBL) |
| Listed Shares | 1,22,02,94,773 equity shares |
| Stock Exchanges | BSE Limited, NSE India |
| Transaction Type | Vertical demerger through scheme of arrangement |
| Legal Framework | Sections 230–232, Companies Act, 2013 |
| Legal Counsel | Cyril Amarchand Mangaldas (sole counsel) |
| Key Lawyers | Pranay Chandran, Ravi Dubey & Anshul Roy |
| Focus Areas | Corporate, M&A, Capital Markets, Regulatory |
Transaction Impact & Analysis
The demerger and listing reflect ABFRL’s strategy to unlock shareholder value and sharpen focus across its diversified fashion and lifestyle businesses. By hiving off the Madura Fashion and Lifestyle business into a separately listed entity, the Aditya Birla Group aims to:
Enable strategic clarity: Investors can assess each business vertical independently, boosting transparency and market-driven valuation.
Enhance capital efficiency: ABLBL can pursue focused brand investments, raise capital directly, and attract strategic partnerships if needed.
Align with market trends: Vertical demergers and court-approved schemes of arrangement continue to gain traction among Indian conglomerates looking to streamline legacy businesses and boost investor confidence.
The transaction also demonstrates sustained investor appetite for India’s organised retail and branded apparel sector — especially as consumer demand evolves and premium lifestyle segments expand.
On the legal side, the deal underlines Cyril Amarchand Mangaldas’ established role in complex demergers, capital markets listings, and regulatory-driven corporate restructurings. The firm’s work covers scheme drafting, NCLT filings, SEBI and exchange clearances, and post-listing compliance — a comprehensive service model increasingly in demand for large Indian corporates.
The listing of ABLBL is expected to reinforce the Aditya Birla Group’s strategy of building focused, agile businesses with clear market identities, reflecting an ongoing trend of corporate restructuring in India’s retail and lifestyle sectors.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
