TVS Shriram Fund buys 25% in Landmark

Thu, Nov 5 01:50 AM

TVS Shriram Growth Fund has picked up around 25% stake in Landmark, the Chennai-based book and music retailer, for a consideration of around Rs 65 crore. The fund has picked up a total of 18,25,074 equity shares of Rs 10 each. A susidiary of Tata Group company Trent Ltd, Landmark, currently operates over 20 outlets, including Westside and Star Bazaar, many of which are large format stores, across India with over 2 lakh sqft of retail space. Sources close to the deal put Landmark's enterprise value close to Rs 260 crore.

Noel N Tata, managing director of Trent Ltd and chairman of Landmark said, "We are excited about the equity investment into Landmark, and are looking forward to partnering with Shriram Growth Fund in our jouney to scale up the Landmark's retail business."

Suresh Raju,ED of TVS Capital Funds, said, "There is untapped potential in the organised retail industry across India. Landmark has built a strong brand over the years and is well positioned to serve customers with a product mix consisting of books, music, gifts, toys, stationery, gaming and technology accessories."

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