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The Board of Directors of Shoppers Stop at its meeting held today on 31 July 2023 have inter-alia approved an investment in Pahadi Goodness (“Pahadi Local”) of upto Rs. 4 crore, by way of subscription to 40,000 Optionally Convertible Debentures at face value of Rs. 1000 each and shall be entering into a subscription agreement with Pahadi Local for
the same. The Company shall further have an option to acquire an additional 17.67% of the Equity Capital of Pahadi Local in June, 2025, at a post money valuation of Rs. 20 crore.
Pahadi Local: is a start-up engaged in the business of manufacturing, distributing, marketing and selling of skincare, wellness and other similar items under the brand name “PAHADI LOCAL”. It sources its skincare products from the Himalayas and operates in the “Clean Beauty” space, with products consisting of a range of Oil, Powder, Paste and Mist SKU's. It has its plant in Parwanoo, Himachal Pradesh with an in-house R&D.
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