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Shoppers Stop update on sale of Hypercity to Future Retail

Capital Market 

Gets allotted 4,756,823 equity of Future Retail as share consideration

With reference to the sale of 77,158,778 equity of Hypercity Retail India, a subsidiary held by the to Future Retail and subsequent cessation of Hypercity as subsidiary of the Company, announced that on 01 December 2017, Future Retail (Purchaser) has allotted 4,756,823 equity of Rs.2 each at a premium of Rs.535 per share as Share Consideration, to the Company.

Further, following Directors of Hypercity have tendered their resignation from the Board of Hypercity with immediate effect viz. Ravi Raheja, Neel Raheja, Govind Shrikhande, Deepak Ghaisas, Nitin Sanghavi, Ameesha Prabhu and B.S. Nagesh.

The following persons have been appointed as Additional Directors on the Board of Hypercity viz. Chandra P. Toshniwal, Harsha Saksena, Vijai Singh Dugar and Maya Taparia.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, December 02 2017. 10:27 IST