Aditya Birla Lifestyle Brands Limited has announced a board meeting to allot 122.03 crore equity shares to Aditya Birla Fashion and Retail Limited shareholders under a restructuring scheme.

The company cancelled 50,000 shares held by ABFRL and issued 5.55 lakh 8% non-cumulative redeemable preference shares to Birla Management Centre Services Pvt Ltd. Post allotment, ABLBL has ceased to be a subsidiary of ABFRL and will seek equity listing, with shares frozen until trading approval.