Shoppers Stop announced that the Company (Seller 1) and Louisiana Investment & Finance Private (Seller 2) have transferred their entire equity shareholdings (comprising of 24,446,247 Equity Shares of Rs. 10/- each constituting 48.42% held by the Company and 796,699 Equity Shares of Rs. 10/- each constituting 1.58% held by Seller 2 held in Timezone Entertainment (Timezone) to Timezone West Asia (Purchaser) on 15 February 2018 for a cash consideration of Rs. 23.44 crore (Rs. 22.70 crore for Seller 1 and Rs. 0.74 crore for Seller 2.
With the disposal of said shareholding in Timezone, the joint venture agreement executed in respect of 'Timezone' stands terminated and accordingly Timezone ceases to be an Associate Company of the Company.
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