Shoppers Stop clarifies on news item regarding acquisition of HyperCity

With reference to the news item appearing in a leading financial daily tiled, "Shopper's Stop to take 51% stake in HyperCity", Shoppers Stop Ltd has clarified as under:

"The Company has entered into an Option Agreement in the past whereby the Company has an Option to acquire upto 51% of HyperCity Retail India Pvt Ltd at any time before December 31, 2008. This information was already mentioned in the Company's IPO prospectus dated May 09, 2005.

The Board of Directors of the Company will decide on exercise of this Option at an appropriate time. Mr. B S Nagesh has been misquoted in this news item.

Further, as on date HyperCity Retail India Pvt Ltd has set up its only maiden store at Malad, Mumbai and there are no three existing stores as quoted in the said news item."

Source : Equity Bulls

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