Mumbai: Pantaloon Retail India, a Future Group Company promoted by Kishore Biyani, said on 18 September it has received shareholders’ approval for raising Rs1,260 crore through the issue of preferential shares and warrants.
Pantaloon Retail said in a filing to the Bombay Stock Exchange that its shareholders at the Extraordinary General Meeting (EGM) held on 18 September unanimously passed the fund raising proposal.
The company would issue 2.12 crore warrants at Rs500 each aggregating Rs1,060 crore to the promoter group, Pantaloon Welfare Trust and to select employees.
The warrant-holders would have an option to acquire the same number of equity shares in one or more tranches within a period on 18 months from the date of issue.
Further Pantaloon Retail said it would issue 40 lakh equity shares of Rs2 at a premium of Rs498 on a preferential basis to private investors, aggregating Rs200 crore.
The company would issue equity shares to four private investors including Bennett, Coleman & Company Ltd.
Earlier last month, the board of directors of the company had approved of the fund-raising plan.