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Shoppers Stop, Future Retail rally by up to 9% on HyperCity deal

Shoppers Stop hit a fresh 52-week high of Rs 552, rallied 9% on BSE in intra-day trade, while Future Retail surged 6% to Rs 559 in early morning trade

SI Reporter  |  Mumbai 

How Shoppers Stop is reinventing itself at 25

Shares of and rallied by upto 9% on BSE after the Kishore Biyani-led said it would buy Shoppers Stop-owned for Rs 911 crore.

hit a fresh 52-week high of Rs 552, rallied 9% on BSE in intra-day trade, and surged 6% to Rs 559 in early morning trade.

“The board of directors of Shoppers Stop, at its meeting held on Thursday, October 5, 2017, has approved sale of 77.16 million equity shares of Rs 10 each, constituting 51.09% of the paid up share capital of Retail (India); (/ subsidiary company) to Future Retail,” said in a statement.

The takeover value of Rs 911 crore includes Rs 655 crore of stock and cash, remaining being debt. The deal will be funded through share and cash as part of which the seller will get about two per cent stake (9.31 million shares) in

“The acquisition would result in further consolidation in the business of and increase its foothold in the hypermarket business,” said in its communication to exchanges.

At 09:33 AM; and erase early morning gains, trading 3.5% higher at Rs 525 and Rs 546, respectively.

First Published: Fri, October 06 2017. 09:36 IST
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