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Minda Industries will raise ₹500 crore for consolidation of its various businesses, the company said in an exchange filing. It will also use the funds for new projects, as well as to meet working capital requirements. Minda Industries might raise the funds through a public issue, private placement of equity shares or equity-linked securities, such as global depository receipts or foreign currency convertible bonds. Shares of Minda Industries closed down 0.5 per cent at ₹360.70 on the NSE.
Shoppers Stop has closed ‘Shoppers Stop’ stores at Inorbit Mall-Pune and Nirmal Lifestyle-Mulund, due to lower-than-expected business and low profitability. During the last financial year, sales from Inorbit Mall-Pune was ₹24.91 crore, which is 0.66 per cent of the turnover of the company. Sales from Nirmal Lifestyle-Mulund was ₹16.679 crore, which is 0.44 per cent of the turnover of the company. With these closures, the company now has 81 stores, including six at airports. Besides, Shoppers Stop also said its 51 per cent subsidiary, Hypercity Retail (India), has closed Hypercity store at Inorbit Mall-Pune. Sales from this store for the last financial year was ₹13.279 crore. With this closing, there are now 19 Hypercity stores. Shares of Shoppers Stop gained 3.3 per cent at ₹350.05 on the BSE.
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