Tata group’s retail chain Trent Ltd will acquire 51 percent stake in Booker India Pvt Ltd (BIPL) in a cash deal of around Rs 22 crore, a regulatory filing said.
According to a PTI report: Trent in the filing to BSE on Tuesday said the acquisition would help in business expansion by adding six additional stores.
“It is informed that the Company has agreed to acquire 51 percent of the share capital of BIPL, for a consideration of Rs 22 crore approximately. BIPL operations involve 6 stores,” Trent was quoted by PTI as saying.
BIPL operates five stores while its wholly-owned subsidiary Booker Satnam Wholesale operates one store.
The company expects to complete the transaction by the end of October this year.
BIPL had a turnover of Rs 238 crore for the financial year ended on March 31, 2019 and Rs 43 crore of Booker Satnam Wholesale.
Earlier, in June this year Trent had announced plans to raise up to Rs 1,550 crore in the current financial year through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options, to fund its expansion plans.