Shoppers Stop to raise Rs 300 crore via rights issue
The company reported a net loss of ₹97.70 crores in the September quarter which is higher than ₹8.18 crore in the year-ago period
Shoppers Stop Ltd on Friday announced that its board has approved the matter of raising an amount of ₹300 crore via a rights issue. The company confirmed in a filing to the exchanges that the issue will be priced at ₹140 per share and that it will open on November 27 and close on December 31.
The company reported a net loss of ₹97.70 crores in the September quarter which is higher than ₹8.18 crore in the year-ago period. The company’s revenue fell by 65.7% to ₹296.98 crores. The company added that it had appointed Mr Venugopal G Nair as its new managing director and chief executive officer and he will take charge of the office from 6 November. At 1:35 pm IST, the company’s stock was up by 3.5% to ₹188.60 on the Bombay Stock Exchange, while India’s benchmark Sensex was down by 0.09% at 43319.89 points.
The Board of Directors of Shoppers Stop Ltd had held the meeting on October 16 2020, to approve the fundraising issue through the issue of equity shares of the face value of Rs. 5 each of the company on arights issue basis. The Board had constituted the Right Issue Committee of Board of Directors and had given it the authorization to proceed with Rights Issue forthwith and had decided the other terms and conditions of the Rights Issue that might be required, from time to time.