Shoppers Stop shares climb nearly 6% as it sells Crossword Bookstores1 min read . Updated: 01 Sep 2021, 04:05 PM IST
- At BSE, the stock climbed 5.71% to ₹254.55 and at NSE, it jumped 5.89% at ₹254.90.
Shares of Shoppers Stop on Wednesday jumped nearly 6% after the company said it has closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores for ₹41.62 crore. At BSE, the stock climbed 5.71% to ₹254.55 and at NSE, it jumped 5.89% at ₹254.90.
The stake in Crossword Bookstores were sold by Agarwal Business House (ABH), Pune -- Dinesh Gupta, Aakash Gupta and Family, the company said in a regulatory filing.
Subject to receipt of necessary consents, Shoppers Stop shall divest 51 per cent stake, that is expected to be completed within 15 days, and another 39 per cent stake will be divested in the next 12 months, it added.
"The business of Crossword Bookstores is valued at ₹41.6 crore. Under the agreement, ABH will take over all the assets and brand. Any liabilities will be adjusted for arriving at the final consideration," Shoppers Stop said.
The sale of the Crossword Bookstores is consistent with the company's strategic plans, which is to focus on its core business and expand its strategic pillars viz, First Citizen, Private Labels, Beauty and most importantly, its omnichannel business, it added.
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