Shoppers Stop Ltd disposes 40% stake in Nuance Group India Pvt. Ltd.

On October 6, 2017, Shoppers Stop Ltd has disposed off, its 40% shareholding in Nuance Group (India) Pvt. Ltd; (NGIPL) to The Nuance Group AG, Switzerland, a non-related party, at a consideration of Rs. 6 crore.

Please be informed that NGIPL was formed as 50 : 50 JV Company, between The Nuance Group AG, Switzerland and the Company and operates duty free store at Bengaluru International Airport.

With the disposal of this shareholding in NGIPL by the Company to The Nuance Group AG, the Shareholders Agreement executed with them, stands terminated with immediate effect and accordingly, the Company has exited from the duty free airport retail business.

Shares of SHOPPERS STOP LTD. was last trading in BSE at Rs.513.2 as compared to the previous close of Rs. 507.15. The total number of shares traded during the day was 135332 in over 5215 trades.

The stock hit an intraday high of Rs. 552.4 and intraday low of 505.45. The net turnover during the day was Rs. 70977434.

Source : Equity Bulls

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