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Our Bureau

New Delhi , June 30

SHOPPERS' Stop Ltd has decided to purchase the remaining 49 per cent stake in bookstore retail chain Crossword Bookstores Ltd from ICICI Emerging Sectors Fund for Rs 14.21 crore. It already owns majority 51 per cent stake in Crossword.

In a notice to the Bombay Stock Exchange (BSE), Shoppers' Stop said it had entered into a share purchase agreement with ICICI Trusteeship Services Ltd.

In its capacity as the trustee of ICICI Emerging Sectors Fund and Crossword Bookstores Ltd, Shoppers' Stop had the option to acquire 46,85,625 equity shares of Rs 10 each held by ICICI Emerging Sectors Fund in Crossword Bookstores Ltd, amounting to 49 per cent of the paid-up equity share capital of Crossword, for Rs 14.21 crore.

"The company (Shoppers' Stop) has decided to exercise this option and has made the payment. The transaction is expected to be completed within a week," the company said. After the acquisition of these shares, Crossword Bookstores will become a wholly-owned subsidiary of Shoppers' Stop.

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