Pantaloon Retail has raised over Rs 200 crore by issuing preferential shares at Rs245 each. The shares will be issued to Bennett Coleman & Co, a leading media house.
Pantaloon Retail has raised over Rs 200 crore by issuing preferential shares at Rs245 each. The shares will be issued to Bennett Coleman & Co, a leading media house.
The company Board also passed a resolution to change the name of the company to Future India Retail Limited.
Pantaloon Retail on Thursday informed the Bombay Stock Exchange that it will issue 81,63,265 equity shares of Rs. 2 each at Rs 245, on a preferential basis to Bennett, Coleman & Co.
It will also issue 800 optionally fully convertible debentures (OFCDs) at Rs. 1 crore each on a preferential basis to Aditya Birla Nuvo Limited and / or its 100 per cent subsidiary Company, Peter England Fashion and Retail Limited.
The pricing for both the securities is April 29, 2012, it said.
On April 20, 2012, Aditya Birla Nuvo announced it was acquiring a controlling stake in the Pantaloons Format clothing brand and retail chain which is being demerged from the broader Pantaloon Retail business. The deal with Nuvo will allow Pantaloon to cut its debt by Rs1,600 crore.
The company will seek shareholders’ approval for the moves at an extraordinary general meeting on May 30, 2012 in Mumbai.
Pantaloon Retail is controlled by tycoon Kishore Biyani's Future Group and will continue to own its other businesses such as hypermarkets under the Big Bazaar brand, the E-zone electronics chain and lifestyle retailer Central.
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