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HyperCity acquired by Future Retail for Rs.655 crore

Future Retail will acquire Shoppers Stop’s retail chain, HyperCity for Rs.655 crore in part cash and part stock deal.

HyperCity Retail India Limited,will become a wholly owned subsidiary of Future Retail and the deal is expected to be completed in the coming 3 to 5 months.

As per the stock exchange filing Future Retail stated,it will be allotting 9.310 million shares of Rs.2 face value to HyperCity Retail’s 15 shareholders at Rs.535 per share on a preferential basis.

Out of the total deal value, Rs 500 crore will come from these shares and the rest Rs.155 crore will be paid in cash.

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