Shoppers Stop's board approves additional investment in WOS Global SS Beauty

28 Jul 2022 , 03:38 PM

Shoppers Stop Limited announced that the Board of Directors of the company approved additional investment in its wholly-owned subsidiary Global SS Beauty Brands Limited.

The investment approved is up to Rs20 crore by way of a combination of Equity shares and Fully Convertible Debentures.

GS BBL is the Company’s SPV that will utilize the proceeds for the expansion of its beauty product distribution business. The object is consistent with the Company’s beauty products business.

The company intends to complete this acquisition by Q3FY23.

Shoppers Stop holds 100% Equity/ Fully Convertible Debentures of GSBBL (representing 100% of the capital of GS BBL).

At around 3.41 PM, Shoppers Stop was trading at Rs583 up by Rs0.15 or 0.03% from its previous closing of Rs582.85 on the BSE. The scrip touched intraday high and low of Rs612.10 and Rs582 respectively.