S Chand completes acquisition of Chhaya Prakashani

S Chand along with its wholly-owned subsidiary Eurasia acquired the remaining 26 per cent stake in Chhaya Prakashani, a company in which it holds majority stakes.

Through its second tranche of investment of Rs. 64,24,40,000 for 26 per cent from its existing shareholder Sumit Biswas. Earlier in December 2016, S Chand had acquired 74 per cent stake in Chhaya for Rs. 170,00,46,890.

Chhaya Prakashani Private Limited is engaged in the publishing and distribution of educational books predominately in the eastern parts of India. The company had a turnover of Rs. 1,177.66 million as on March 31, 2018.

On Tuesday, the stock of S Chand and Company closed at Rs. 178.10 per share, down Rs. 2.80 or 1.55 per cent on BSE. The stock was very volatility during the day registering a high of Rs. 179.80 and a low of Rs. 173.00 per share. While the benchmark index was experiencing selling pressure after Indian force conducted air strikes in Pakistan occupied Kashmir. The BSE Sensex was at 35,973.71, down by 239.67 points or 0.66 per cent and Nifty50 closed at 10,835.30, down 44.80 points or 0.41 per cent on Tuesday.