The CL Raheja Group promoted retail chain Shoppers Stop today said it has acquired 32 per cent stake in group firm Hypercity thus gaining majority shareholding in the latter.
"Shoppers Stop has completed the acquisition of balance 32 per cent of the equity share capital of Hypercity Retail India as on June 30, 2010," the company said in a statement.
After the acquisition, the total stake of the company has increased to 51 per cent from the previous 19 per cent, making Hypercity a subsidiary of Shoppers Stop. The remaining 49 per cent stake is held by CL Raheja and his associates.
Last week, the company's shareholders have given approval through a postal ballot to invest an additional Rs 200 crore in Hypercity.
Shoppers Stop today closed at Rs 568.05 on Bombay Stock Exchange, up 7.16 per cent from its previous close.
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