Shoppers Stop sells 5% equity stake to Amazon.com
Mumbai: Raheja Group’s modern retail major Shoppers Stop Ltd on Saturday announced selling 5 per cent of its equity share (43.96 lakh shares) of Rs 5 face value to e-tail giant Amazon.com at Rs 407.78 per share, aggregating to Rs 179.26 crore on a preferential basis.
“The Board of Directors approved a proposal to issue 5 per cent equity shares on preferential basis to Amazon.com NV Investment Holdings LLC at Rs 407.78 per share aggregating to Rs 179.26 crore,” said the company in a regulatory filing on the BSE.
The e-tailor’s Investment Holdings firm is incorporated in the US and registered as category III Foreign Portfolio Investor with Indian regulator SEBI in India.
“The preferential issue is subject to approval from the company’s shareholders and other regulatory and statutory approvals,” added the filing.
The company will hold an EGM (Extraordinary General Meeting) on October 18 here for seeking approval of its shareholders for selling the equity stake.