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Spencers Retail inches up on seeking shareholders’ approval to raise Rs 350 crore

Spencers Retail is currently trading at Rs. 99.50, up by 0.05 points or 0.05% from its previous closing of Rs. 98.95 on the BSE.

The scrip opened at Rs. 98.95 and has touched a high and low of Rs. 99.25 and Rs. 98.00 respectively. So far 2322 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 5 has touched a 52 week high of Rs. 230.00 on 25-Jan-2019 and a 52 week low of Rs. 92.25 on 17-Jun-2019.

Last one week high and low of the scrip stood at Rs. 100.50 and Rs. 93.30 respectively. The current market cap of the company is Rs. 783.01 crore.

The promoters holding in the company stood at 53.38%, while Institutions and Non-Institutions held 21.32% and 25.30% respectively.

Spencers Retail has sought shareholders’ approval to raise Rs 350 crore, by using movable or immovable properties of the firm as collateral. Keeping in view the company’s existing and future fund requirements to support its business operations, the company proposes to borrow funds from financial institutions, banks, NBFCs and other lenders for an amount up to Rs 350 crore.

The company has also sought shareholders’ approval to invest Rs 250 crore for further expansion and investment through a special resolution.

Spencers Retail is a multi-format food-first retailer providing a wide range of quality products to discerning young customers – well-travelled citizens of the world, looking out for authentic flavors and experiences in a fun-filled shopping environment.

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