179.25 crore to Amazon NV Holdings LLC, the investment arm of the world's largest online retailer Amazon Inc.in a board meeting held on Saturday.
"The Company proposes to issue 5% of its post-issue share capital to Amazon.com NV Investment Holdings LLC, which is a limited liability company incorporated in U.S. and registered as category III Foreign Portfolio Investor with SEBI in India".
Shoppers Stop said it has approved issue of 43.9 lakh shares of the company to Amazon.com NV Investment Holdings LLC at a price of Rs407.7 per share on a preferential basis.
The company has entered into an agreement with Amazon.com Investment Holdings LLC for the objective of issuing equity shares on a preferential basis, it added.
On October 18, the company will hold a general meeting with all the shareholders to seek their approval. As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace.
Shoppers Stop, in a BSE filing, had said there is no separate monetary consideration other than the mutual covenants and agreements of the parties.
All Big 4 Banks Scrap ATM Charges
The fees are usually between $2 and $2.50, and are a source of frustration for many Australian consumers. The Commonwealth Bank was the first lender to announce the policy shift.
Super Mario Run Update to Add New Character, Mode, and World
According to a post on the App Store, some new additions are on the way, and they appear to be rather substantial. Here's what you need to know when the Super Mario Run update hits on September 29 for Android and iOS.
North Korea may consider H-bomb test in Pacific Ocean
On Thursday in New York, Trump announced the latest steps to punish foreign companies that deal with the North. Miyagi also said funds for maintaining emergency shelters ran out after the Cold War ended.
The partnership will also enable Amazon.in to extend its leadership in the fashion category and offer customers across the country guaranteed delivery on new products and brands.
"The parties will partner on an exclusive basis for creation of Amazon experience centres", the filing had said.
Shoppers Stop will use the funds to continue expanding physical and online retail businesses, Mint quoted the company's managing director Govind Shrikhande as saying.
Shoppers Stop had last week entered into a commercial arrangement with Amazon India to sell all its private labels and brands on the latter's marketplace.
According to the joint statement issued by the firms yesterday, Amazon Experience Centers will be created across the network of 80 Shoppers Stop stores to bring in the touch and feel aspect on Amazon.in assortment.
"In line with this effort, we have entered into a bespoke partnership which enables two leading brands in the retail sector to draw upon each other's strengths to serve the customer base in India", said Sirdeshmukh.