Shoppers Stop sells Crossword stores for Rs 41.6 cr
Published On: Wednesday, September 1, 2021 | By: Team KnowMyStock
Shares of Shoppers Stop surged 5.6 percent to Rs 254.5 apiece on the BSE in the intra-day trade on Wednesday after the company sold its wholly-owned subsidiary Crossword Bookstores to the owners of Agarwal Business House (ABH) for approximately ₹41.6 crores, as it seeks to focus on its core business, the company said on Tuesday.“Shoppers Stop has closed the sale of a controlling stake of its 100 percent subsidiary, Crossword Bookstores Limited to M/s. Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House), Pune, pursuant to the share purchase agreement between Shoppers Stop and ABH signed on August 31, 2021,” the company said. Shoppers Stop expects to complete the divestment of a 51% stake within 15 days, and another 39% over the next 12 months, it added.
“Under the agreement, ABH will take over all the assets and brand. Any liabilities will be adjusted to arrive at the final consideration."The sale is in line with Shoppers Stop's plan to focus on its core business and expand its strategic segments including First Citizen (membership plan), private labels, beauty, and its omnichannel business, which has grown more than threefold in the last year, the company said.
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