Shoppers Stop, the retail chain company, plans to raise its stake in
Hypercity from 19 to 51 per cent for Rs 250 crore. The funds are likely to be
raised through a rights issue and warrants.
The company also proposes to invest Rs 200 crore for expansion over the next
three years. It is expected to add 18 new stores with about 3-million sq ft in
the next three years. The stores are to be opened at Ahmedabad (Gujarat),
Amritsar (Punjab), Mangalore, Mysore in (Karnataka), Aurangabad (Maharashtra),
Chandigarh and other tier II cities.
Also See:
Shoppers Stop to launch 12 new stores by 2012 (05-May-09)