Pantaloon Retail to raise upto Rs 1000 crore

Pantaloon Retail India Ltd has announced that the Board of Directors of the Company at its meeting held on June 08, 2009, inter alia, has taken the decision for raising of additional long term funds through further issuance of equity based securities to various investors by various means including public / private offerings and / or qualified institutional placement and / or on preferential allotment basis or any combination thereof under the applicable provisions of SEBI (Disclosure and Investor Protection) Guidelines, 2000 upto an amount not exceeding Rs 1000 crores in one or more tranches and to seek the approval of the members for the issue of securities as aforesaid.

The Board authorised convening of Extra Ordinary General Meeting of the members for approval of the resolutions for issuance of securities as contemplated hereinabove.

The Board also mandated to the management to consider possibility of merger of Home Solutions Retail (India) Ltd, its subsidiary, with a view to have better synergy and efficiency in the retail business.

The stock closed the day at Rs.299.55, down by Rs.13.35 or 4.27%. The stock hit an intraday high of Rs.321.90 and low of Rs.295.20.

The total traded quantity was 402874 compared to 2 week average of 521151.

Source : Equity Bulls

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