Leading retail chain Shoppers Stop is looking to raise up to Rs 350 crore through Qualified Institutional Placement route by March 2011 to fuel expansion and hike stake in Hypercity, a company official today said.
"We are looking at raising around Rs 250-350 crore by the end of next fiscal for our expansion plans and also hiking our stake in Hypercity," Shoppers Stop Vice-Chairman B Nagesh told reporters here today.
Of the total amount, about Rs 30 crore has been raised through issue of preferential warrants in December 2009, he said.
The BSE-listed retail chain will scale-up its outlets to 43 by adding 14 more by the end of FY'11.
It will also open six more hypercity stores in the next 18 months besides, increasing stake in Hypercity to 51 per cent from present 19 per cent.
At present, there are 4 hypercity malls in the country and three more will come up by the end of this fiscal.
