Shoppers Stop announces Q2 results, cuts rights issue

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Retail chain Shoppers Stop, in a filing to Bombay Stock Exchange (BSE), has announced its unaudited financial results for the quarter ended September 30. While the retail turnover of the Mumbai-based company stood at Rs 34,383.40 lakh, the net profit after taxes settled at Rs 1101.63 lakh.

Meanwhile, the flagship company of K Raheja Group, after a board meeting held on October 31, also announced that it will reduce the size of its planned Rs 500 crore-rights issue to Rs 300 crore due to adverse market conditions.

Earlier in July this year, the company had said it would raise Rs 500 crore through a rights offering to help fund its expansion plans.

“Considering the prevalent market conditions, the Board reviewed the plan for the proposed rights issuance and has decided to reduce its size to up to Rs 300 crore by deciding not to pursue the warrant portion as envisaged,” Shoppers Stop said in a filing to the BSE.

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