Pantaloon Retail to invest Rs325 cr in subsidiary

Pantaloon Retail to invest Rs325 cr in subsidiary
Comment E-mail Print Share
First Published: Mon, Aug 20 2007. 11 44 AM IST
Updated: Mon, Aug 20 2007. 11 44 AM IST
PTI
Mumbai: Pantaloon Retail India said on 20 August it will invest Rs325 crore in its subsidiary Pantaloon Future Ventures and will raise Rs200 crore through issue of shares on preferential basis.
Future Ventures India was set up to undertake new businesses, incubation of new ideas and businesses and getting into joint ventures.
The board of directors of the company at its meeting recently approved the issuance of 40 lakh equity shares of Rs two each at a premium of Rs498 per share on preferential basis, the company said in a filing to the BSE.
Board has also approved the initial public offering of Future Capital Holdings Ltd.
The company would also issue 2.02 crore warrants at Rs500 each, aggregating to Rs1,010 crore, to its promoter group Pantaloon Employee Welfare Trust and select employees of the company.
An extraordinary general meeting would be held on 18 September for obtaining shareholders’ approval for the aforesaid purpose, the filing added.
Pantaloon Retail shares were trading at Rs493.95, up 3.54%, on BSE in morning trade.
Comment E-mail Print Share
First Published: Mon, Aug 20 2007. 11 44 AM IST