Shopper's Stop Limited - Securities and Exchange Board of India

13. After this issue, the price of our Equity Shares may be highly volatile, or an active
trading market for our Equity Shares may not develop
There is no standard valuation methodology in the retail sector with few listed players in
India. There has been no public market for our Equity Shares and the prices of our Equity
Shares may fluctuate after the issue. There can be no assurance that an active trading
market for our Equity Shares will develop or be sustained after the issue, or that the prices
at which our Equity Shares are initially offered will correspond to the prices at which the
Equity Shares will trade in the market subsequent to this Issue. The valuations in the retail
industry are presently high and may not be sustained in future and may also not be
reflective of the future valuations of the industry
Notes:
� Public issue of Equity Shares comprising of fresh issue of 6,946,033 Equity Shares of
Rs.10/- each at a price of Rs. [ ] for cash aggregating Rs. million.( including Net Offer to
the Public of 5,555,556 shares)
� The shareholders, at the EGM held on March 31, 2004 approved sub-division of Equity
Shares of Rs.10/- each into two Equity Shares of Rs. 5/- each. Subsequently, shareholders,
at the AGM held on July 30, 2004, approved the consolidation of two Equity Shares of
Rs.5/- each into 1 Equity Share of Rs. 10/- each.
� The Book Value per Equity Share of Rs. 10/- each was Rs.24.85 and Rs 28.70 as at March
31, 2003 and March 31, 2004 respectively as per our restated unconsolidated financial
statements under Indian GAAP.
� The networth of our Company was Rs.646 Million and Rs.775 Million as on March 31, 2003
and March 31, 2004 respectively as per our restated unconsolidated financial statements
under Indian GAAP.
� Investors are advised to refer to the paragraph on “Basis of Issue Price” on page 225 of this
draft Red Herring Prospectus.
� Investors may note that in case of over-subscription in the Issue, allotment shall be on
proportionate basis to Retail Individual Bidders and Non-Institutional Bidders. Please refer
to the paragraph on “Basis of Allotment” on page 318 of this draft Red Herring Prospectus.
� The average cost of acquisition of Equity Shares by our Promoters is as given below:
Sr.
No
Promoter No. of Shares
acquired (face
value Rs. 10 per
share)
xxv
Average cost
per share (Rs.)
1 Chandru L Raheja jointly with Jyoti C Raheja 123,750 10.01
2 Chandru L. Raheja 225,000 45.11
3 Ravi C. Raheja jointly with Chandru L. Raheja jointly
with Jyoti C. Raheja
50,000 10.00
4 Ravi C. Raheja 500,000 45.11
5 Jyoti C. Raheja jointly with Chandru L. Raheja 123,750 10.01
6 Jyoti C. Raheja 250,000 45.11
7 Neel C. Raheja jointly with Chandru L. Raheja jointly
with Jyoti C. Raheja
50,000 10.00
8 Neel C. Raheja 525,000 45.11
9 Casa Maria Properties Pvt. Ltd. 2,626,650 22.05
10 Capstan Trading Pvt. Ltd. 2,726,650 22.90
11 Raghukool Estate Development Pvt. Ltd. 2,796,650 23.45
12 Cape Trading Pvt. Ltd. 2,716,700 22.81
13 Anbee Constructions Pvt. Ltd. 2,716,700 22.81
14 Palm Shelter Estate Development Pvt. Ltd. 5,906,650 11.73
15 K. Raheja Corp Pvt. Ltd. 500,625 42.50
16 K. Raheja Pvt. Ltd. 10,000 42.50
17 Ivory Properties and Hotels Pvt. Ltd. 10,000 42.50
18 Inorbit Malls India Pvt. Ltd. 10,000 42.50
TOTAL 21,868,125 21.63
� Investors are free to contact the BRLMs/ Co-BRM for any clarification or information, who
will be obliged to attend to the same.
� Outstanding loans and related party transactions for the last three years are on page 169 of
this draft Red Herring Prospectus.