Shoppers Stop has received an approval from its shareholders for sale of its subsidiary ‘Hypercity’ to Future Retail (FRL). The company has received 99.35% votes in favour on votes polled through postal ballot and e-voting process for sale/transfer of Hypercity.
Earlier on October 5, the company had sought shareholders’ nod to sell 77,158,778 equity shares of Hypercity Retail at a consideration of Rs 43.36 per equity share, aggregating to Rs 334.63 crore.
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.
