Spencer's Retail Limited (NSEI:SPENCER) agreed to acquire Natures Basket Limited from Godrej Industries Limited (BSE:500164) for enterprise value of INR 3 billion on May 17, 2019. Natures Basket Limited has a total revenue of INR 3.4 billion and total common equity of INR 16.8 million. The transaction is subject to approval by shareholders of Spencer's Retail Limited and Godrej Industries Limited.

The transaction is approved by the Board of Spencer's Retail Limited. The transaction is approved by the board of Godrej Industries Limited. On June 25, 2019, the transaction is approved by the shareholders of Godrej Industries and on June 28, 2019, the transaction is approved by the shareholders of Spencer's Retail Limited.

The transaction will be completed within 60 days from the signing of share purchase agreement. Surbhi Kejriwal, Ashraya Rao, Ayush Nanda, Shailendra Bhandare, Sourav Dan, Anshul Prakash, Abhisek Choudhury, Deeksha Malik, Pranav Sethi and Shivangi Agarwalla of Khaitan & Co. acted as the legal advisors to Spencer's Retail Limited (NSEI:SPENCER).

Kunal Chandra of TriLegal Partners acted as legal advisor to Godrej Industries Limited and Lodha Capital Markets Limited acted as exclusive financial advisor to Godrej Industries Limited.