Pantaloon Retail (India) Ltd to issue shares to Bennett, Coleman & Co. Ltd.

The Board of Directors of Pantaloon Retail (India) Ltd at its meeting held on May 03, 2012, has approved the Preferential Issue of Shares and Convertible Securities.

The Board approved issue of 81,63,265 Equity shares of Rs. 2/ each at a price of Rs. 245/- per share aggregating to Rs. 1,99,99,99,925/- on Preferential basis to Bennett, Coleman & Co. Limited and issue of 800 Optionally Fully Convertible Debentures (OFCDs) at a price of Rs. 1,00,00,000/- per OFCD aggregating to Rs. 800,00,00,000/- on Preferential basis to Aditya Birla Nuvo Limited & / or its 100% subsidiary Company, Peter England Fashion and Retail Limited.

The relevant date for the pricing of both the aforesaid Preferential Issues is April 29, 2012.

The Board passed the resolution for change the name of the Company, subject to approval of Members, to "Future Retail India Limited" or such other name as may be allowed by the Registrar of Companies, Maharashtra.

An Extraordinary General Meeting of the Company will be held on May 30, 2012 at Mumbai for obtaining shareholders' approval for the Preferential Issue of equity shares and Optionally Fully Convertible Debentures to investors as above.

The Pantaloon Retail (India) Ltd stock closed the day at Rs.184.85, up by Rs.1.85 or 1.01%. The stock hit an intraday high of Rs.188 and low of Rs.181.45.

The total traded quantity was 16.44 lakhs compared to 2 week average of 10.68 lakhs.

Source : Equity Bulls

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