Shoppers’ Stop to buy 49% in Crossword

Retail chain Shoppers’ Stop is to acquire balance 49 per cent of paid up equity share capital of Crossword Bookstores Ltd for Rs 14.21 crore, making the bookstore chain its wholly-owned subsidiary.

The transaction to acquire 49 per cent stake in Crossword held by ICICI Trusteeship Services Ltd is expected to be completed in a week’s time, following which Crossword Bookstores Ltd would become a wholly-owned subsidiary of Shoppers’ Stop, the company informed the BSE.

Earlier, Shoppers’ Stop had entered into share purchase agreement (SPA) with ICICI Trusteeship Services Ltd, in its capacity as trustee of ICICI emerging sectors fund and Crossword Bookstores Ltd, it said.

According to SPA, Shoppers’ Stop had an option to acquire 46.85 lakh equity shares of Rs 10 each held by ICICI emerging sectors fund in Crossword Bookstores Ltd. — PTI