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Department store Shoppers Stop is planning to raise funds to acquire 32% in group firm and hypermarket chain Hypercity, a top official said. The company is looking at generating Rs 1 billion to Rs 1.2 billion rupees (USD 21.6 million to USD 26 million) for the acquisition, President and Chief Executive Govind Shrikhande said.On Saturday, the company's board approved an issue of 4 million shares to institutional investors and also 4 million convertible warrants to founders, but did not specify how much it would be raising. Hypercity is the multi-brand retailing format floated by the founders of Shoppers Stop, which has a 19% stake in it and under an agreement is exercising the option to raise it to 51% by June next year.
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