Shoppers Stop is seeking its shareholders’ approval to raise up to Rs 100 crore through issue of non-convertible debentures (NCDs) on private placement basis. The retail store chain is planning to use the funds to repay working capital and capital expenditure loans.
The company has also sought shareholders’ approval to ratify a related-party transaction worth Rs 581 crore with its subsidiary, Hypercity Retail (India). These include investments through equity and preference shares of Hypercity, inter-corporate deposits, bank guarantees and rentals.
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.
