Spencer's Retail Limited signed memorandum of understanding to acquire SRS Value Bazar business from SRS Limited (BSE:533569) for enterprise value of approximately INR 320 million on December 20, 2017. Spencer's Retail Limited entered into business transfer agreement to acquire SRS Value Bazar business from SRS Limited (BSE:533569) for INR 380 million on February 16, 2018. SRS Value Bazar business reported turnover of INR 2 billion and net worth of negative INR 98.5 million as on March 31, 2017. The transaction is subject to approval of shareholders of SRS Limited, approval of banks, stock exchange approval and any Government Clearance, if required. As on February 21, 2018, the transaction has been approved by the board of directors of SRS Limited. Spencer's Retail Limited cancelled the acquisition of SRS Value Bazar business from SRS Limited (BSE:533569) on December 20, 2018.