Trent, a part of Tata group, rose as much as 3 percent intraday on Tuesday as the company decided to buy private equity fund TVS Shriram Growth Fund's entire stake in Landmark for Rs 84 crore.
Trent , a part of Tata group, rose as much as 3 percent intraday on Tuesday as the company decided to buy private equity fund TVS Shriram Growth Fund's entire stake in Landmark for Rs 84 crore.
Trent runs lifestyle chain Westside (one of India's largest and fastest growing chain of lifestyle retail stores), Star Bazaar (a hypermarket chain), Landmark (a books and music chain), and Fashion Yatra (a complete family fashion store).
The board of directors of the company approved to purchase from TVS Shriram Growth Fund I its entire shareholding of 18,25,074 equity shares of Rs 10 each of Landmark Ltd (a subsidiary of the company).
It has also been agreed between the parties that the fund would retain an option to invest in a minority stake in Westland Limited (also a subsidiary of the company) at a future date.
According to a release sent to exchanges, the company would continue to pursue the build out of the Landmark format, increasingly focusing on family entertainment categories and seek to integrate these operations with the Westside business. "This is aimed at realizing cost and other operating synergies."
At 14:29 hours IST, shares went up 0.68 percent to Rs 1,153 amid heavy volumes on Bombay Stock Exchange.
Trent stock price
On August 22, 2014, Trent closed at Rs 1147.75, up Rs 11.50, or 1.01 percent. The 52-week high of the share was Rs 1339.80 and the 52-week low was Rs 902.00.
The company's trailing 12-month (TTM) EPS was at Rs 37.67 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 30.47. The latest book value of the company is Rs 396.14 per share. At current value, the price-to-book value of the company is 2.90.
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