Tata group firm Trent today said financial services company TVS Shriram Growth Fund I has acquired more than 18 lakh shares in its subsidiary Landmark, for Rs 65 crore.
Landmark is a leading book and music retail chain and is a subsidiary of retail chain Trent.
TVS Shriram Growth Fund I has subscribed about 18.25 lakh shares of Landmark for Rs 65 crore, Trent said in a filing to the Bombay Stock Exchange (BSE).
"We are excited about the equity investment into Landmark, and look forward to partnering with TVS Shriram Growth Fund in our journey to scale up the Landmark's retail business," Trent MD and Chairman of Landmark Neol N Tata said.
Landmark currently operates over 20 stores, many of which are large format stores, across leading cities in India.
"Landmark is a marquee investment for us and we are excited to enable the next wave of growth at one of the leading speciality retailers in India," TVS Capital Funds Founder and Chairman Gopal Srinivasan said.
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TVS Shriram Growth Fund I is a domestic fund, sponsored by TVS Group and Shriram Group.
Shares of Trent today closed at Rs 658.20 on the BSE, up 5.03 per cent from its previous close.