Shoppers Stop has received approval for additional investment in Global SS Beauty Brands (GSBBL) (formerly known as Upasna Trading) of upto Rs 25 crore in one or more tranches, by way of subscription to Right Issue of 2,500 preference shares i.e. 0.01% Non-Cumulative Optionally Convertible Preference Shares (NOCPS) each at par at face value of Rs 1,00,000 each of GSBBL. GSBBL is a wholly owned subsidiary of the company.
With the approval of the aforesaid investment, total aggregate investment approved by the Company in GSBBL as on April 26, 2023 is Rs 55 crore, which includes (i) subscription by way of Right issue to Equity shares of Rs 4.95 crore and Preference shares of Rs 20 crore, (ii) approved investment of Rs 5 crore in Preference Shares, yet to be subscribed and (iii) additional investment of Rs 25 crore approved at the Board Meeting held on April 26, 2023.
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.
