Shoppers Stop up 20% as board approves preferential issue to Amazon

The stock surged 20% to Rs 500, also its 52-week high on BSE in intra-day trade, after the board approved issue of 4.4 million equity shares to e-tail giant Amazon.com at price of Rs 407.78 per share

Shopper Stop surged 20% to Rs 500, also its 52-week high on BSE in the early morning trade, after the company said its board approved issue of 4.4 million equity shares to e-tail giant Amazon.com at price of Rs 407.78 per share on preferential basis.

“The Board of Directors approved the issue of 4.39 million equity shares of Rs 5 each of the company to Amazon.com NV Investment Holdings LLC, a foreign portfolio investor, at Rs 407.78 per share aggregating to Rs 179.26 crore, on preferential basis,” Shoppers Stop said in a regulatory filing to the BSE.

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