Shares of this small-cap textile company surged by more than 4% today!
Shares jumped after management announced new development.
About the additional Investment
Shoppers Stop has been permitted to make additional investments in Global SS Beauty Brands (GSBBL), formerly known as Upasna Trading, totalling up to Rs 25 crore in one or more tranches. This will be done by subscribing to the right issue of 2,500 preference shares, or 0.01% Non-Cumulative Optionally Convertible Preference Shares (NOCPS), each of which will be worth Rs 1,00,000 at par. GSBBL is a wholly-owned subsidiary of the company.
With the approval of the aforementioned investment, the total aggregate investment approved by the Company in GSBBL as of April 26, 2023, is now Rs 55 crore. This includes (i) subscription through a right issue to equity shares worth Rs 4.95 crore and preference shares worth Rs 20 crore, (ii) approved investment of Rs 5 crore in preference shares that have not yet been subscribed for, and (iii) additional investment of Rs 25 crore approved at the board meeting held on April 26, 2023.
Share Price Movement of Shoppers Stop Ltd.
The scrip opened on Thursday at Rs 634.95 and touched a high and low of Rs 653.35 and Rs 631.75, respectively. Its 52-week high stood at Rs 819, whereas its 52-week low was Rs 402.90. The current market cap of the company is Rs 7,076.12 crore. Promoters hold 65.46%, whereas the Institutional and non-institutional holdings is 27.63% and 6.90%, respectively.
A well-known brand, Shoppers Stop is renowned for its high-calibre goods and services, and above all, for offering a comprehensive shopping experience. Shoppers Stop has established a tremendous amount of credibility and expertise, making it the highest standard for the Indian retail sector. In fact, the company's long-term expansion plans are intended to assist Shoppers Stop in addressing the challenges facing the retail industry even more effectively than it already does.
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