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Shoppers Stop surges 14% to hit year high on fund raising plan

Shoppers Stop surges 14% to hit year high on fund raising plan
PTI
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First Published: Wed, Jun 23 2010. 02 34 PM IST
Updated: Wed, Jun 23 2010. 02 34 PM IST
Mumbai: Shoppers Stop Wednesday soared over 14% to an year high in early trade after it proposed to raise Rs300 crore through a qualified institutional placement (QIP) over the next two quarters.
Shares of the company jumped 14.45% to hit a 52-week high of Rs546.60 a piece on the Bombay Stock Exchange.
The scrip was trading at Rs524.10, up 9.75%, on BSE at 1248 hrs.
Shoppers Stop’s vice-chairman B S Nagesh yesterday said that the company is in talks with investors and analysts and will make an announcement on the same over the next two months, depending upon the prevailing market conditions.
The company announced its plans to invest Rs100-120 crore to open 12 more Shoppers Stop outlets and four Hypercity stores in this fiscal.
Also, Rs125 crore will be spent on picking up an additional 32% stake in Hypercity, to have a majority stake of 51% by 30 June.
Shoppers Stop currently holds 19% stake in Hypercity.
Witnessing a similar upsurge on the National Stock Exchange, the scrip was trading at Rs525.45, up 9.70%.
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First Published: Wed, Jun 23 2010. 02 34 PM IST
More Topics: Shoppers Stop | BSE | QIP | Shares | Hypercity stores |