Arvind has informed that the Company has entered into Business Transfer Agreement today 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 crores 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 crores to be paid in cash and equity shares of Shiprocket.
The above information is a part of company’s filings submitted to BSE.
