Online BusinessShoppers Stop gets board's nod for raising funds
Fashion and lifestyle retail chain Shoppers Stop today said its board of directors has approved raising funds by allotting 40 lakh shares to qualified institutional buyers.
- Sensex falls most in two weeks - FII-TO-FII TRADES: PNB traded at 7% premium - Thermax bags Rs 478 cr order from Orissa-based firm - Jindal Drilling bags Rs 635 cr ONGC order - Promoter entities sell 2.73 cr shares in TCS - FIIs net sell Rs 459cr, DIIs net buy Rs 117cr
Calculated on the basis of yesterday’s closing price on the Bombay Stock Exchange (BSE), the company by allotting 40 lakh shares would garner an amount estimated at Rs 145.70 crore.
The board of directors at their meeting held today approved raising funds and sought shareholders’ consent for the same, Shoppers Stop said in a filing to the BSE.
Further, the board has also approached shareholders of the company to seek approval to issue up to 40 lakh warrants to promoter and promoters group company, each convertible into one equity share of the company, the filing added. Shares of the company yesterday closed at Rs 364.25, down 3.79 per cent on the BSE.