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Shares of Shoppers Stop climbed as much as 9 per cent in early trade as Kishore Biyani’s retail behemoth Future Group had on Thursday announced that it has acquired HyperCity, a 19-store network of high-end grocery and merchandise retail, for ₹655 crore from Shoppers Stop Ltd.
As part of the stock-and-cash deal, Future Retail will allot 93,10,987 shares at ₹537 each (aggregating to ₹500 crore) to the existing shareholders of HyperCity Retail, while also paying cash of ₹155 crore to take over the entire equity of the supermarket chain.
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