Shoppers Stop up 20% as board approves preferential issue to Amazon

Shopper Stop surged 20% to Rs 500, also its 52-week high on BSE in the early morning trade, after the company said its board approved issue of 4.4 million equity shares to e-tail giant Amazon.com at price of Rs 407.78 per share on preferential basis.

“The Board of Directors approved the issue of 4.39 million equity shares of Rs 5 each of the company to Amazon.com NV Investment Holdings LLC, a foreign portfolio investor, at Rs 407.78 per share aggregating to Rs 179.26 crore, on preferential basis,” Shoppers Stop said in a regulatory filing to the BSE.

At 9:26 am, the stock was up 14% at Rs 477 on BSE, as compared to 0.57% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 563,193 shares changed hands on the BSE and NSE.

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