Shoppers Stop Ltd board approves Rs. 300 crore rights issue

The Board of Directors ("Board") of Shoppers Stop Ltd, had at its meeting held today i.e. on Friday, October 16, 2020, has, approved the fund raising up to Rs. 300 crores (Rupees Three Hundred Crores) through issuance of equity shares of face value of Rs. 5 each ("Equity Shares") of the Company, on arights issue basis.

The Board approved the offer and issuance of fully paid-up Equity Shares of the Company for an amount aggregating up to Rs. 300 crores (Rupees Three Hundred Crores) by way of a rights issue to eligible equity shareholders of the Company as on the record date (to be notified subsequently) in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, read with the relevant circulars issued by the Securities and Exchange Board of India, in this regard, from time to time ("Rights Issue").

The Board has constituted the Right Issue Committee of Board of Directors and authorized it to proceed with Rights Issue forthwith, and decide the other terms and conditions of the Rights Issue, as may be required, from time to time.

Shares of SHOPPERS STOP LTD. was last trading in BSE at Rs.174 as compared to the previous close of Rs. 171.45. The total number of shares traded during the day was 2940 in over 140 trades.

The stock hit an intraday high of Rs. 176.4 and intraday low of 171. The net turnover during the day was Rs. 509045.

Source : Equity Bulls

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