Pantaloon Retail to dilute 15% equity to raise Rs 1500 cr
Future Group firm Pantaloon Retail India Ltd (PRIL) today said it plans to raise up to Rs 1,500 crore by issuing equity-linked securities amounting to stake dilution of not more than 15%.
October 03, 2011 / 19:52 IST
Future Group firm Pantaloon Retail India Ltd (PRIL) today said it plans to raise up to Rs 1,500 crore by issuing equity-linked securities amounting to stake dilution of not more than 15%.
In a filing to the BSE, PRIL said its Board of Directors which met today approved the raising of additional long-term funds.The securities could be either convertible instruments, convertible into shares, debt instruments with attached warrants giving right to the holder of such warrants to subscribe for Equity/Class B Shares, issue of Equity/Class B shares, it added.The issue of such securities would be for an amount not exceeding Rs 1,500 crore, it said adding the proposal is subject to shareholders approval."The Board further directed the company, it should ensure that overall dilution of equity through aforesaid is within 15% and the debt equity ratio is not to exceed 1.33," the filing said.As per BSE record, the company's promoters had 44.92% stake in the firm as on June, 2011. The filing further said its 24th Annual General Meeting will be held on the November 10, 2011 instead of the October 22, 2011 as earlier informed. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
