Shoppers Stop makes further investment of ₹5cr in Global SS Brands

Shoppers Stop has informed to the exchanges regarding additional investment in Global SS Beauty Brands Limited, material wholly owned subsidiary of the company.

 

Shoppers Stop has further made investment aggregating to ₹5cr in the preference share capital of GSBBL, by way of subscription to Rights Issue of additional 500 NOCPS of ₹1,00,000/- of GSBBL. With the aforesaid subscription of NOCPS, the total aggregate subscription of NOCPS by the Company stands at 3,000 NOCPS of ₹1,00,000/- each, the company said.

 

Accordingly, GSBBL is an SPV of the Company that intends to use the proceeds towards its business of distribution of beauty products. The object is in-line with the beauty products business of the Company.

 

Earlier, on April 26, 2023, the Board of Directors of the Company had approved the additional investment in Global SS Beauty Brands Limited of up to ₹25cr, by way of subscription of 0.01% Non-Cumulative Optionally Convertible Preference Shares (‘NOCPS’) of ₹1,00,000/- each, the company informed.

 

On Wednesday, at around 10:15 AM, Shoppers Stop was trading at ₹646 per share lower by 0.97% on the BSE.

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