Shoppers Stop Ltd announces 17:70 rights issue at Rs. 140 per share

The Board of Directors of Shoppers Stop Ltd ("the Board") at its meeting held on October 16, 2020, approved the issue of equity shares of face value of ₹ 5 each ("Equity Shares") of the Company, by way of a rights issue to the eligible shareholders of the Company for an amount aggregating up to ₹ 300 Crores (Rupees Three Hundred Crores) in accordance with applicable laws.

The Board had at its meeting held today i.e. on November 13, 2020, fixed the record date for the purpose of determining the shareholders eligible to apply for the equity shares in the Rights Issue as Friday, November 20, 2020 ("Record Date").

The Board also approved the following terms and conditions of the Rights Issue:

Rights Issue Price: ₹ 140 per Rights Equity Share (including a premium of ₹ 135 per Equity Share over face value of ₹ 5 per Equity Share);

Rights entitlement ratio: 17 Rights Equity Shares for every 70 Equity Shares held by eligible shareholders as on the Record Date;

Rights Issue schedule:

Issue opening date: Friday, November 27, 2020
Issue closing date: Friday, December 11, 2020
Last date for on market renunciation: Monday, December 7, 2020

Shares of SHOPPERS STOP LTD. was last trading in BSE at Rs.186.9 as compared to the previous close of Rs. 182.2. The total number of shares traded during the day was 53590 in over 2313 trades.

The stock hit an intraday high of Rs. 191 and intraday low of 177.3. The net turnover during the day was Rs. 10014818.

Source : Equity Bulls

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