Sunday, Nov 28, 2021 | Last Update : 03:27 AM IST

  Business   Companies  24 Sep 2017  Amazon affiliate to acquire Rs 1.79 billion stake in Shoppers Stop

Amazon affiliate to acquire Rs 1.79 billion stake in Shoppers Stop

REUTERS
Published : Sep 24, 2017, 10:17 am IST
Updated : Sep 24, 2017, 10:17 am IST

On Friday, Shoppers Stop shares had closed 3 percent lower at 418.10 rupees on the National Stock Exchange.

An affiliate of Amazon.com Inc has agreed to buy a Rs 1.79 billion stake in Indian retailer Shoppers Stop Ltd.
 An affiliate of Amazon.com Inc has agreed to buy a Rs 1.79 billion stake in Indian retailer Shoppers Stop Ltd.

Mumbai: An affiliate of Amazon.com Inc has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.

Amazon.com NV Investment Holdings LLC, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent stake, in the Indian retailer at 407.78 rupees apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.

 

On Friday, Shoppers Stop shares had closed 3 percent lower at 418.10 rupees on the National Stock Exchange.

The Amazon affiliate will not take a board position, Shoppers Stop, which operates large department stores and other retail outlets, said in the filing.

Tags: amazon india, shoppers stop
Location: India, Maharashtra, Mumbai (Bombay)