India's Aditya Birla Fashion gains on board nod for demerger

Aditya Birla Fashion and Retail

22/04/2024 07:02

** Shares of Aditya Birla Fashion And Retail  ADIA.NS  rise
3% to 238.40 rupees
    ** Apparel retailer's board approves spin off of Madura
Fashion and Lifestyle into a listed entity; plans 25 bln rupees
(~$300 mln) equity raise within 12 months of split
    ** ADIA fell 8% in March-qtr, snapping two-quarter gaining
streak, but is up ~7% YTD; stock lost 22% in 2023
    ** Avg rating of 27 analysts is "hold"; median PT is 230
rupees - LSEG data
 
 
 ($1 = 83.4140 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))