Fashion and lifestyle retail chain Shoppers Stop today said its board of directors has approved raising funds by allotting 40 lakh shares to qualified institutional buyers.

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Calculated on the basis of yesterday's closing price on the Bombay Stock Exchange, the company by allotting 40 lakh shares would garner an amount estimated at Rs 145.70 crore.

The board of directors at their meeting held today approved raising funds and sought shareholders' consent for the same, Shoppers Stop said in a filing to the Bombay Stock Exchange.

Further, the board has also approached shareholders of the company to seek approval to issue up to 40 lakh warrants to promoter and promoter’s group company, each convertible into one equity share of the company, the filing added.

Shares of the company yesterday closed at Rs 364.25, down 3.79 per cent on the Bombay Stock Exchange.

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