Shopper’s Stop keeps Rs 300 crore for expansion
BSE listed retail chain Shopper’s Stop, promoted by K Raheja group, which currently operates 29 Shoppers Stops and 5 hypercity malls in the country has earmarked Rs 300 crore as its capex for the next 2-3 years to expand operations, a top company official said.
“We have a capex plan of Rs 250-300-crore for over the next 30-months for expanding our retail chains – Shoppers Stop and Hypercity,” Shoppers Stop’s vice-chairman, BS Nagesh, told reporters in Mumbai on Thursday.
“We plan to add 18 Shoppers Stop and 5 Hypercity stores over the next 30 months”, he said.
K Raheja was looking at raising up to Rs 350-crore through the QIP route and other means by March 2011 to fuel its expansion and raising its stake in Hypercity from present 19 per cent to 51 per cent.
Of the total amount, about Rs 30-crore has been raised through issue of preferential warrants in December 2009, he had earlier said.
With the addition of the new stores, the store count is expected to be 47 Shoppers Stops and 10 Hypercity by year 2013.
