India's Arvind Fashions soars on 'Unlimited' business divestiture

V-Mart Retail

22/07/2021 09:30

** Indian textile co's shares  ARVF.NS  gain as much as
16.9% to 196.60 rupees, their highest since March 18, 2020
    ** ARVF says unit to divest assets of its 'Unlimited' retail
business to V-Mart Retail Ltd  VMAR.NS  in an all-cash deal
 urn:newsml:reuters.com:*:nFWN2OY0MC
    ** VMAR shares up as much as 2.4% to 3,321.15 rupees 
    ** Unit Arvind Lifestyle Brands Limited to get cash
consideration estimated at about 1.50 bln rupees ($20.15 mln)
upon transaction close
    ** Unlimited operates a chain of 74 retail stores across
South and West India - ARVF statement https://bit.ly/3wWiW6l
    ** ARVF also markets apparel in India from several
high-profile brands such as Aeropostale, Calvin Klein, Tommy
Hilfiger and Arrow
    ** More than 2.2 mln shares traded as of 0823 GMT, twice
their 30-day moving avg of ~1.1 mln shares
    ** Up to Wednesday's close, stock had risen 11.8% YTD



($1 = 74.4500 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))