Mumbai: Shares of Kishore Biyani-promoted Pantaloon Retail India on Tuesday surged over 4% on the Bombay Stock Exchange (BSE), a day after the company said that it plans to raise additional long-term funds of up to Rs1,000 crore.
After opening weak at Rs290, the scrip soon rebounded to surged 4.49% to touch a high of Rs313 in the morning trade on the BSE.
On the National Stock Exchange (NSE), the stock opened firmly at Rs302.90, up 1% from its previous close. Soon, the scrip surged 4.44% to touch a high of Rs312.80.
As much as 3.48 lakh shares changed the hands on the two bourses.
On Monday, Pantaloon Retail said that it will raise additional long-term funds of up to Rs1,000 crore through issuance of securities to various investors.
The company has received the approval from its board for raising funds through issuance of equity-based securities to its investors by various means, including public or private offerings or qualified institutional placement, it had said.
The company is also mulling merger of its subsidiary firm Home Solutions Retail (India), with an aim to have better synergy and efficiency in the retail business.
The company was trading at Rs307, up 2.49% on the BSE and at Rs306.95, up 2.49% on the NSE.