The Board of Directors of Shoppers Stop at its meeting held on 18 July 2024, have inter-alia approved additional investment in Global SS Beauty Brands (formerly known as Upasna Trading), material wholly owned subsidiary (GSBBL) of upto Rs. 5 crore in one or more tranches, by way of subscription to Right Issue of 500 preference shares i.e. 0.01% NonCumulative Optionally Convertible Preference Shares (NOCPS) each at par at face value of Rs. 1,00,000/- each of GSBBL.
With the approval of the aforesaid investment, total aggregate investment approved by the Company in GSBBL as on 18 July 2024 is Rs. 60 core, which includes : a) approved and subscribed by way of right issue to Equity shares of Rs. 4.95 crore and Preference shares of Rs. 50 crore; b) further additional investment of Rs. 5 crore approved at the Board Meeting held on 18 July 2024.