- Wipro shares down nearly 3 pct on boursesDLF shares slide, posts sixth decline in past 7 sessionsDespite uncertainty over FDI in multi-brand retail, Tesco upbeat on Trent tie-up for growth in IndiaFirst FDI transaction in multi-brand retail: Tesco gets CCI nod for Trent Hypermarket stake buy
Shares of Trent today surged nearly 6 per cent as British retail major Tesco completed purchase of shares in the company's hypermarket arm.
Trent's scrip ended 5.68 per cent higher at Rs 1,110.95 on the BSE. During the day, the stock surged 10.15 per cent to Rs 1,158.
At the NSE, the company's scrip soared 5.84 per cent to Rs 1,110.
Trent Ltd yesterday informed the bourse regarding an investment by Tesco PLC, UK in Trent Hypermarket Ltd (THL), a wholly-owned subsidiary of Trent.
"As envisaged by the definitive agreements executed earlier, Tesco, through a wholly-owned subsidiary, has concluded its purchase of part of the equity shares held by the company in THL and subscribed for additional THL equity shares," Trent had said in a filing to the BSE.
Consequently, the company and Tesco will each hold a 50 per cent stake in THL, it had said.
Tesco had in March this year announced forming of an equal joint venture with Trent Ltd, a part of the Tata Group, by picking up 50 per cent stake in Trent Hypermarket Ltd for about 85 million pounds.
THL operates the Star Bazaar retail business in India.