To Future Retail
Shoppers Stop announced that the Share Purchase Agreement 08 October 2017 has been executed by and between the Company, all other shareholders of Hypercity (Sellers) and Future Retail and Hypercity, in respect of sale of entire equity shareholding of Hypercity to Future Retail.The Company holds 77,158,778 equity shares of Rs 10 each constituting 51.09% of the paid up share capital of Hypercity. The consideration agreed for the sale is Rs 43.3687 per share.
The consideration would be paid by issue and allotment of 4,756,823 equity shares of Rs 2 each of Future Retail as share consideration and Rs 79.18 crore as cash consideration. The enterprise value of Hypercity is Rs 911 crore.
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