What was filed
Trent Limited disclosed that its wholly owned subsidiary, Nahar Retail Trading Services Limited, has entered into a binding term sheet dated 22nd October 2026 with TreBits Investment Trust — a Small and Medium Real Estate Investment Trust (SM REIT) registered with SEBI. Under the proposed deal, Nahar will divest its entire shareholding in Netria Property Holdings Limited. On completion, Netria will cease to be a subsidiary of Nahar and, consequently, of Trent.
The term sheet is a preliminary step. The company said the acquisition is subject to execution of definitive transaction documents and to completion of the initial public offer of the Trust's proposed first scheme. A Share Purchase Agreement is yet to be executed and will be disclosed when signed.
A sale-and-leaseback in structure
Although Netria will leave the Trent fold, the company stated it proposes to continue occupying the premises owned by Netria through appropriate lease arrangements with the Trust, acting on behalf of the proposed first scheme. In substance, this is a divestment of the property-holding entity combined with Trent retaining operational use of the real estate under a lease.
The filing notes that Netria was incorporated only during the current financial year, on 4th September 2025, so its contribution to Trent's turnover, income or net worth in the last financial year is marked not applicable. The buyer does not belong to the promoter or group companies, and the transaction is not a related-party transaction.
Terms still contingent
The consideration and completion are tied to events that have not yet occurred. The price is stated on a per-share basis, based on unaudited financials as of 30 September 2026, subject to closing adjustments for net working capital, alongside repayment of outstanding loans and accrued interest. Completion is expected only after the Trust's IPO of its first scheme and satisfaction of conditions precedent. Until the definitive agreement is executed, the economics remain indicative rather than final.