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Trent will divest its stake of approximately 3.22% of TUL on a fully diluted basis in the region of Rs 24.14 crore to TDPL.
TUL is engaged in the business of operating an e-commerce business under the brand names 'Tata CLiQ' and 'Tata CLiQ Luxury'. Its turnover as on 31 March 2022 stood at Rs 845 crore.
TDPL is a promoter group company. The proposed transaction is at arm's length basis an independent valuation exercise.
Trent operates Westside, one of India's leading chains of fashion retail stores, Zudio, which is a one shop destination to get fashion at great value, Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner, and Landmark Stores, a family entertainment format store
On consolidated basis, the company's net profit increased marginally to Rs 93.02 crore in Q2 FY23 as compared to Rs 92.58 crore in Q2 FY22. Net sales rose 65.8% year on year to Rs 1,952.74 crore in Q2 FY23.
Shares of Trent fell 0.21% to Rs 1459.75 on the BSE.
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