Shoppers Stop Ltd to make additional investment in Global SS Beauty Brands Ltd

The Board of Directors of Shoppers Stop Limited ("the Company") at its Meeting held on April 26, 2023, have approved additional investment in Global SS Beauty Brands Limited (formerly known as Upasna Trading Limited), wholly owned subsidiary ("GSBBL") of upto Rs. 25 Crores (Rupees Twenty Five Crores) in one or more tranches, by way of subscription to Right Issue of 2,500 preference shares i.e. 0.01% NonCumulative Optionally Convertible Preference Shares ('NOCPS') each at par at face value of Rs. 1,00,000/- each of GSBBL.

With the approval of the aforesaid investment, total aggregate investment approved by the Company in GSBBL as on April 26, 2023 is Rs. 55 Crores, which includes:

a) subscription by way of Right issue to Equity shares of Rs. 4.95 Crores and Preference shares of Rs. 20 Crores;

b) approved investment of Rs.5 Crores in Preference Shares, yet to be subscribed; and

c) additional investment of Rs.25 Crores approved at the Board Meeting held on April 26, 2023.

Shares of Shoppers Stop Limited was last trading in BSE at Rs. 617.70 as compared to the previous close of Rs. 621.65. The total number of shares traded during the day was 1492 in over 256 trades.

The stock hit an intraday high of Rs. 634.95 and intraday low of 610.60. The net turnover during the day was Rs. 920187.00.

Source : Equity Bulls

Keywords

ShoppersStop INE498B01024 Investment GlobalSSBeautyBrands