Corporate News 19-Jul-22
Arvind to transfer its Omnichannel Technology Division to Arvind Internet
For consideration of Rs 152.30 cr
Arvind has entered into Business Transfer Agreement on 19 July 2022 to transfer its Omnichannel Technology Division to Arvind Internet (AIL), a wholly owned subsidiary of the Company, for a total consideration of Rs. 152.30 crore to be paid by way of issue of shares of AIL. The entire shareholding of Company in AIL shall be transferred to BigFoot Retail Solutions (Shiprocket) for a consideration of Rs. 162.90 crore to be paid in cash and equity shares of Shiprocket.
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