Indian Terrain Fashions Limited (ITFL) which was listed on bourses today,zoomed to Rs 92.60 during the mid-session after debuting at Rs 40 on Bombay Stock Exchange (BSE). Indian Terrain Fashions,one of the leading menswear brands in the country,demerged from its parent entity Celebrity Fashions Limited (a leading manufacturer and exporter to leading fashion brands around the world). The company was listed with a little over 55.81 lakh shares at Rs 10 each. In terms of the swap ratio,shareholders of Celebrity Fashions Ltd got 2 shares of Indian Terrain Fashions for every seven shares of Celebrity Fashions Limited. "The de-merger from the parent company is a strategic move to unlock the full potential of the brand as well as shareholders' value. Indian Terrain Fashions has built a significant platform for itself in the last ten years. Given the speed at which the Indian Retail market is growing,the brand is all set to grow by leaps and bounds in the coming years," Indian Terrain Fashions Chairman and Managing Director,Venky Rajagopal told reporters here. The demerger move allows for better benchmarking and will help the company to focus on delivering better value to our stakeholders,Rajgopal said. It also enables us to raise funds at an appropriate time,given the aggressive growth plan we have for the coming years,he said. Indian Terrain was launched in 2000 by Celebrity Fashions Limited as its domestic division catering to the ready-to-wear men's garment segment. Today,the brand has its presence in more than 70 exclusive brand outlets across the country and has added another 30 in the current fiscal. The brand is also retailed in more than 450 multi brand outlets,apart from being sold in major large format retailers like Lifestyle,Shoppers Stop and Central. The company hopes to achieve a turnover of Rs 120 crore and net profit of Rs 8.5 crore in FY 11. The sales turnover target for the next financial year has been worked out at Rs 150 crore.
