Great news from Shopper’s Stop; a retail chain which was going through growth pangs. Lifeline has been thrown by the retail giant of the world – Amazon.

The company announced on Saturday that Amazon unit has bought 5% stake in the company and it is investing Rs.179 crore.

Agreements have already been inked under which Amazon Experience Centres will be opened across Shoppers Stop’s network of 80 stores.

The stock price rocketed to a 2.6 year high at Rs.499.70, zooming up almost 20% - the biggest intra day gain since July 2009.

Amazon will be issued 43,95,925 lakh shares at Rs.407.78/share, totaling Rs.179.26 crore, on a preferential basis. An EGM has been called to get shareholders for the same on 18th Oct.