Shoppers Stop shares surge 6% as Co sells Crossword Bookstore for Rs 42 cr

Shoppers Stop shall divest 51 percent stake (expected to be completed within 15 days) and another 39 percent in the next 12 months

Shares of Shoppers Stop surged 5.6 per cent to Rs 254.5 apiece on the BSE in the intra-day trade on Wednesday after the company sold its wholly owned subsidiary Crossword Bookstores as a strategy to exit "non-core" businesses.

"The company has closed the sale of a controlling stake of its 100 per cent subsidiary, Crossword Bookstores Limited Dinesh Gupta, Aakash Gupta and Family (owners of Agarwal Business House), Pune, pursuant to the share purchase agreement between Shoppers Stop and ABH signed on August 31, 2021. The business of Crossword Bookstores is valued at Rs 41.6 crore," the retail chainstore said