The Board of Directors of the respective Companies had in February approved the sale as a "going concern" on a slump sale basis for a lump sum consideration to be mutually agreed of not less than the book value of the division as appearing on the date of actual transaction. The shareholders of the Company have also approved the transaction pursuant to Section 180 of the Companies Act, 2013 on 26 March 2020 through postal ballot.

The Company will receive lumpsum consideration of Rs. 61. 9 crore from the transaction and Arvind Lifestyle Brands will receive a lumpsum consideration of Rs. 151.3 crore, subject to working capital adjustments.