Shopper's Stop Acquire 51% Stake In HyperCity

The media had reports that Shopper's Stop Limited may acquire 51% stake in HyperCity Retail(India) Pvt Ltd.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Shopper's Stop Limited has vide its letter inter-alia stated, "As has already been informed in our IPO prospectus, the company has entered into an Option Agreement whereby it has an option to acquire upto 51% of HyperCity Retail (India) Pvt. Ltd., at any time before December 31, 2008. The Board of Directors of the Company will decide on exercise of this Option at an appropriate time. Mr. B. S. Nagesh has been misquoted in the news report. Further, as on date, HyperCity Retail (India) Pvt. Ltd. has set up its only maiden store at Malad, Mumbai and there are no three existing stores as quoted in the said press item." -- www.nseindia.com