Pantaloon Retail to raise Rs 260 cr via securities

Pantaloon Retail India Ltd says it has received approval from its shareholders to raise Rs 260 crore through the issue of securities.

Domestic retail major Pantaloon Retail India Ltd on Friday said it has received approval from its shareholders to raise Rs 260 crore through the issue of securities.

HT Image

The EGM held on Friday accorded authority to the board to raise the funds through the issue of equity shares, convertible securities with or without detachable warrants or other securities to prospective investors like institutions, incorporated bodies, mutual funds, individuals or Qualified Institutional Buyers.

The shareholders also approved the allotment of 12,12,480 warrants on a preferential basis to the promoters, subject to necessary approvals, the company said.

The warrants are convertible into an equal number of equity shares of Rs 10 each at a price of Rs 1,635 per warrant aggregating to an issue price about Rs 198 crore, it added.

In a filing on the Bombay Stock Exchange Pantaloon Retail said a meeting of the board would also be convened on September 30 to consider and approve a proposal for a stock split.