Future Retail today said it has executed share purchase agreement (SPA) with Shoppers Stop for its Rs 655-crore acquisition of Hypercity Retail in stock-and-cash deal.
Last week, Kishore Biyani-led Future Retail Ltd (FRL) had announced that it would acquire Hypercity that operates 19 large format premium stores in some key cities from the K Raheja group firm Shoppers Stop.
Shopper Stop owns 51.09 percent stake in HRIL and rest is owned by the promoter group and others.
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