Shoppers Stop has executed a Share Purchase Agreement (SPA) on October 8, 2017, between the company, all other shareholders of Hypercity (Sellers) and Purchaser and Hypercity, in respect of sale of entire equity shareholding of Hypercity to Future Retail.
Earlier, the company had received an approval for sale of 77,158,778 equity shares of Rs 10 each, constituting 51.09% of the paid up share capital of Hypercity Retail (India); (Hypercity / subsidiary company) to Future Retail, subject to execution of binding definitive documents, receipt of necessary approval from the shareholders of the company and such other regulatory/statutory approvals, as may be required. The board of directors at its meeting held on October 5, 2017 had approved for the same.
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.
