The Rs.600-crore TVS Shriram Growth Fund I has exited Landmark Ltd., the largest book and music retailer in the country.

Landmark is a subsidiary of Trent, which is a Tata group company.

Trent has bought out TVS Shriram Growth Fund in Landmark by acquiring the latter’s entire holding of 18,25,074 shares of Rs.10 each (translating into a holding of around 25 per cent) for Rs.85 crore.

The Fund had invested Rs.65 crore in Landmark in November 2009.

According to Gopal Srinivasan, founder and Chairman of TVS Capital Funds Ltd., the investment manager of the Fund, the primary objective of the Fund had been met as it reaped good return on investment through this share sale.

While exiting Landmark, the fund had also got an option from Trent to invest a little over 40 per cent in Westland Ltd., a wholly-owned subsidiary of Landmark. Westland is an amalgamation of two companies — EastWest Book and Westland Book. These were merged in April 2008. Westland is in the area of book publishing.

In the wake of sale of shares in Landmark and TVS Logistics earlier, the Fund had returned Rs.109 crore to private equity investors, Mr. Srinivasan said.