Pantaloon Retail allots shares on scheme of arrangement

Pantaloon Retail (India) Ltd has announced that a meeting of Committee of Directors of the Company was held on August 28, 2010. Pusuant to Scheme of Arrangement between Home Solutions Retail (India) Ltd and Pantaloon Retail (India) Ltd and their respective Shareholders and Creditors as approved by the Hon'ble High Court of Judicature at Bombay and made effective from August 27, 2010, allotted the shares to shareholders of Home Solutions Retail (India) Ltd (other than Pantaloon Retail (India) Ltd).

The Board approved allotment of 59,28,818 fully paid up Equity shares of Rs. 2/- each aggregating Rs. 1,18 57,636/-. Further, pursuant to this allotment the post issue paid up capital of the Company is increased from Rs. 41,22,85,746/- to Rs. 42,41,43,382/-.

The Board approved allotment of 63,47,635 fully paid up 0.01% Compulsorily Convertible Preference shares of Rs. 100/- each convertible into 63,47,635 fully paid up Equity shares of Rs. 2/- each within the period of 12 months from the date of allotment but not later than July 31, 2011.

The stock was trading at Rs.475.85, up by Rs.2.35 or 0.50%. The stock hit an intraday high of Rs.486 and low of Rs.474.50.

The total traded quantity was 29527compared to 2 week average of 53328.

Source : Equity Bulls

Keywords