Tata Group retail arm Trent has advanced 2% at Rs 1,170 after the board approves a proposal to buy private equity fund TVS Shriram Growth Fund's entire stake in Landmark Ltd, for Rs 84 crore.
"The company's board has 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, for a consideration of Rs 84 crore," Trent said in a filing to the BSE.
Further, it has been agreed between the parties that the fund would retain an option to invest in a minority stake in Westland Ltd (also a subsidiary of Trent) at a future date," it added.
"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," the company said.
In the intraday deal, the stock opened at Rs 1,165 and made a high of Rs 1,180. Around 1,700 shares were traded in BSE & NSE.
