Asia
Shoppers Stop Invests INR200 Million in Beauty Subsidiary
Shoppers Stop (NSE:SHOPERSTOP, BOM:532638) invested 200 million Indian rupees in its wholly owned subsidiary Global SS Beauty Brands through subscription to a rights issue of preference shares, according to a Wednesday filing on Indian bourses.Shares of the company fell over 1% in Thursday's trade.The company subscribed to 2,000 optionally convertible preference shares at 100,000 rupees each, the filing said. This is part of a previously approved 400-million-rupee investment plan, the filing said.Following the latest infusion, Shoppers Stop's total investment in Global SS Beauty Brands has increased to 1.25 billion rupees, according to the filing.Global SS Beauty Brands operates in beauty retail and specialty boutique stores.
BOM:532638NSE:SHOPERSTOP