** Shares of lingerie maker Victoria's Secret VSCO.N up 3.2% at $23.51 premarket
** Co adopts "poison pill" shareholder rights plan after Australian billionaire Brett Blundy's investment firm increases stake in VSCO
** Victoria's Secret is issuing one right for each share of common stock on May 29, says right will become exercisable if any person acquires 15% or more of outstanding common stock
** Says once exercisable, holders of right can acquire shares of co at 50% discount, or co may exchange each right for one share of common stock, and that the plan expires in one year
** Up to last close, stock has fallen 45% YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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