Shoppers stop plans 130 cr QIP

Shoppers stop to raise more money

New Delhi: Retail chain Shoppers Stop said, “We will raise over Rs 130 crore through qualified institutional placement (QIP)”. The company further said it has launched the QIP for up to 20 lakh equity shares from the qualified institutional investors, mutual funds and other institutions where the floor price of the issue is Rs 648.88 per share. Last month, the Mumbai-based retailer had said it will add over 40 new medium and large format stores across India in the next four years that could entail an investment of over Rs 500 crore. This year Rs 180 crore will be invested on 12 departmental stores under the Shoppers Stop brand and four HyperCity hypermarkets.