Shoppers Stop to pump more into Hypercity

MUMBAI: Leading premium retail store chain Shoppers Stop today said its shareholders have approved an additional Rs 200-crore investment in the Raheja Group's Hypercity Retail. A special resolution to this effect was passed by the shareholders through a postal ballot, Shoppers Stop said in a filing to the Bombay Stock Exchange.

The postal ballot was conducted to get shareholders' permission for investment in securities/loans or guarantee in Hypercity Retail exceeding the prescribed limit, it said. An ordinary resolution was also passed by shareholders giving their approval for handing over and disposing of Crossword business to Crossword Bookstores, a wholly owned subsidiary, it said.

The company also received the shareholders' nod to delete common seal in the articles of association of the company and substitute it with new article, it said. Shares of the company closed at Rs 473.35, up 1.80 per cent from the previous close on the BSE.