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| Exchange Received Time 06/10/2017 16:44:11 Exchange Disseminated Time 06/10/2017 16:44:17 Time Taken 00:00:06 | Sub : 'Shoppers Stop Ltd's exit from the duty free airport retail business'
Pursuant to Regn 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 and our letter no. SEC/044/2017-18 dated August 24, 2017 (copy enclosed), please be informed that, on October 6, 2017, the Company 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. |
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