Shoppers Stop has completed the investment in the first tranche of Issue made by Global SS Beauty Brands (GSBBL), aggregating to Rs 20 crore in the preference share capital of GSBBL, by way of subscription to Rights Issue of 2000 (0.01% Non-Cumulative Optionally Convertible Preference Shares (NOCPS) of Rs 1,00,000). With the above subscription, the overall investment of the company in the Preference Share Capital of GSBBL is enhanced to Rs 75 crore.
GSBBL, a wholly owned subsidiary of the company, is in the expansion phase and is need of additional funds to grow its business of distribution of beauty products and setting up specialised beauty stores. GSBBL intends to use the funds for proposed expansion plans and working capital requirements of the company.
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.
