Pantaloon Retail to invest Rs.30 Crores in Home Solutions Retail

Pantaloon Retail India Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2006, inter alia, has approved the following:

1. The merger of PAN India Restaurants Ltd with Galaxy Entertainment Corporation Ltd subject to necessary approvals, valuation and exchange ratio to be determined.

2. A further investment of upto Rs 3000 lacs in Home Solutions Retail (India) Ltd through subscription of warrants with an option to exercise equity shares within 12 months from the date of issue.

3. The sale of upto 6% of its total shareholding in Home Solutions Retail (India) Ltd to India Growth Fund a unit of Kotak SEAF India Fund.

4. Noted the proposed dilution of its holding in Home Solutions Retail (India) Ltd due to private placement to be made by Home Solutions Retail (India) Ltd to India Advantage Fund.

Source : Equity Bulls

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