Shoppers Stop shines on completing investment of Rs 5 crore in GSBBL
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Shoppers Stop is currently trading at Rs. 879.50, up by 19.90 points or 2.32% from its previous closing of Rs. 859.60 on the BSE.
The scrip opened at Rs. 874.00 and has touched a high and low of Rs. 889.50 and Rs. 851.00 respectively. So far 1674 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 943.65 on 12-Sep-2024 and a 52 week low of Rs. 623.00 on 02-Nov-2023.
Last one week high and low of the scrip stood at Rs. 895.15 and Rs. 834.00 respectively. The current market cap of the company is Rs. 9691.28 crore.
The promoters holding in the company stood at 65.58%, while Institutions and Non-Institutions held 29.64% and 4.78% respectively.
Shoppers Stop has completed the approved investment aggregating to Rs 5 crore in the preference share capital of Global SS Beauty Brands (GSBBL) by way of subscription to Rights Issue of 500 {0.01% Non-Cumulative Optionally Convertible Preference Shares (NOCPS) of Rs 1,00,000} of GSBBL. With the above subscription, the overall subscription to Preference Shares of GSBBL is enhanced to Rs 55 crore.
The object of the acquisition is to subscribe to NOCPS shares entitlement of the Company in the rights issue of GSBBL, a material wholly-owned subsidiary Company. GSBBL is an SPV of the Company that intends to use the proceeds towards its business of distribution of beauty products. The object is in-line with the beauty products business of the Company.
The Company has invested in NOCPS of GSBBL by way of subscription to Rights Issue on September 24, 2024.
Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper’s Stop, Home Stop, Crossword, Cafes and Restaurants etc.
