During early trades on November 28, shares of Spencer’s Retail witnessed a robust nearly 5 percent uptick, propelled by strategic initiatives aimed at debt reduction. At 10:30 am, the stock for Spencer’s Retail was trading at Rs 77.40.
In a regulatory filing, Spencer’s Retail disclosed that its subsidiary, Nature’s Basket, anticipates a debt reduction of approximately Rs 100 crore in due course. This reduction will be achieved through a combination of loan restructuring and loan repayments.
Additionally, the company stated that the potential sale of a certain portion of the company’s minority stake is currently under consideration. Spencer’s Retail acknowledged that the path to generating a net profit for its business might take some time. On a positive note, Nature’s Basket is expected to achieve a favorable EBITDA during the current year.
As of 11:57 am, Spencer’s Retail’s shares continued their upward momentum, trading 4.47% higher at ₹77.10, reflecting the market’s positive response to the company’s proactive measures for financial stability.
