In a major development, K Raheja group promoted Shoppers Stop has been allowed by the promoters of HyperCity Retail (India) Ltd to acquire the remainig 32 per cent equity share capital of HyperCity till June 30, 2010. Earlier, the option was valid till December 31, 2008. The report came through Shoppers Stop’s filing to Bombay Stock Exchange.
As part of company’s option agreement executed with the promoters of HyperCity Retail (India) Ltd to acquire upto 51 percent of the equity share capital of HyperCity, Shoppers Stop has already acquired 19 per cent of the equity share capital of Hypercity.
Speaking on the extension option, B S Nagesh, customer care associate and managing director, Shoppers Stop, said, “Considering the present scenerio, we have requested the promoters of Hypercity and they have agreed and provided an extension upto June 30, 2010.”
— IndiaRetailing Bureau