The Hindu : Shoppers' Stop plans IPO to allow exit route for VCs

Online edition of India's National Newspaper
Thursday, Feb 20, 2003

Business

Business

Shoppers' Stop plans IPO to allow exit route for VCs

KOLKATA FEB. 19. Shoppers' Stop Limited, India's largest retailing chain, is planning to go public within 18 to 24 months to allow the exit route for its venture capitalists, its CEO and Managing Director, B. S. Nagesh, said.

Mr. Nagesh told reporters here today that ICICI, IL&FS and Zodiac Clothing had provided venture capital for the company and their combined stakeholding in Shoppers' Stop was 18 per cent, while the balance 82 per cent is held by the C. L. Raheja group.

He said, "an IPO is important to provide liquidity to the investors as well as providing exit route for the three venture capitalists.''

The company had also decided to offer 5 per cent equity to the employees which will dilute Mr. Raheja's shareholding. Regarding future plans of the company, Mr. Nagesh said by 2007 there would be a total of 35 retail Shoppers' Stop stores across the country from the present number of 11.

At present, the company has retail stores in Bangalore, Chennai, Hyderabad, Pune, Mumbai, Delhi and Jaipur. — PTI

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