In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Spencer’s Retail has informed that at a meeting with media persons earlier on 24th November in connection with the opening of a Natures Basket store at Phoenix Palladium, Mumbai the following plans of the Company were discussed: 1. Natures Basket, a subsidiary, is expected to reduce its debt in due course by Rs100 crores approximately through a mix of loan restructuring and repayment of loans. 2. Sale of a certain part of the Company’s minority stake is under consideration. 3. Spencer’s business will take some more time to generate net profit. It is expected to have positive EBITDA during the current year.
The above information is a part of company’s filings submitted to BSE.
