Shoppers Stop gets board`s nod for raising funds

Last Updated: Saturday, November 14, 2009 - 19:05

Mumbai: Fashion and lifestyle retail chain
Shoppers Stop today said its board of directors has approved
raising funds by allotting 40 lakh shares to qualified
institutional buyers.

Calculated on the basis of yesterday`s closing price on
the Bombay Stock Exchange, the company by allotting 40 lakh
shares would garner an amount estimated at Rs 145.70 crore.

The board of directors at their meeting held today
approved raising funds and sought shareholders` consent for
the same, Shoppers Stop said in a filing to the Bombay Stock
Exchange.

Further, the board has also approached shareholders of
the company to seek approval to issue up to 40 lakh warrants
to promoter and promoters group company, each convertible into
one equity share of the company, the filing added.

Shares of the company yesterday closed at Rs 364.25, down
3.79 per cent on the Bombay Stock Exchange.

Bureau Report



First Published: Saturday, November 14, 2009 - 19:05

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