Trent Ltd., the retail arm of Tata Group, has entered into a definitive agreement with three Tata Group companies to sell its stake held in Tata Unistore to the promoter group company Tata Digital.
In a filing to the bourses on Thursday, the Tata Group retailer, which runs the Westside retail fashion chain, informed of signing an agreement between Tata Industries, Tata Unistore (TUL) and Tata Digital (TDPL) to divest its stake of nearly 3.22 percent held in TUL to TDPL on a fully diluted basis.
The transaction is expected to be completed on or before December 15.
The shares of TUL will be sold to TDPL for a total estimated value of Rs 24.14 crore, with no consideration of cash, but in the form of Compulsorily Convertible Preference Shares of the promoter group company.
Tata Unistore Limited is engaged in e-commerce operations and runs the online brands Tata CLiQ and Tata CLiQ Luxury. It is jointly owned by Tata Industries and Trent.
Since the launch of its Superapp Tata Neu in April, Tata Sons has been taking steps to consolidate the Group’s scalable e-commerce entities under a single umbrella. Tata Neu app offers access to all e-commerce entities of Tata Group including BigBasket, 1mg, Tata CLiQ, Croma and Indian Hotels Company Limited.
Shares of Trent ended 0.4 percent lower at Rs 1,458.
