Pantaloon Retail okays raising Rs 400cr via preferential issue

Pantaloon Retail (India) Ltd, operating multiple retail formats, today said it has approved raising Rs 400 crore by issuing one crore convertible warrants to its promoter group entity on a preferential basis.

Pantaloon Retail (India) Ltd, operating multiple retail formats, today said it has approved raising Rs 400 crore by issuing one crore convertible warrants to its promoter group entity on a preferential basis.

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Each warrant, priced at Rs 400, entitles the warrant holder to exercise an option to convert the warrant into one equity share within a period of 18 months, Pantaloon Retail (India) said in a filing to the Bombay Stock Exchange.

An extraordinary general meeting of the shareholders would be held on June 28 for obtaining their final approval for this, it said.

The relevant date for the pricing of the aforesaid issue is May 29, it added.

Shares of the company closed at Rs 397.55, up 0.51 per cent from the previous close on the BSE.