Shoppers Stop sells Crossword Bookstores
Shares of Shoppers Stop jumped nearly 6% after it closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores at a valuation of Rs 41.62 crore.
The stock climbed 5.71% to Rs 254.55 on BSE. On NSE, it gained 5.89% to Rs 254.90.
The stake in Crossword Bookstores is being sold to the owners of Agarwal Business House (ABH), Pune — Dinesh Gupta, Aakash Gupta and Family.
Subject to receipt of necessary consents, Shoppers Stop shall divest 51% stake, that is expected to be completed within 15 days, and another 39% stake will be divested in the next 12 months.
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.
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