Pantaloon Retail to dilute 15% equity to raise 1,500 cr

Pantaloon Retail to dilute 15% equity to raise 1,500 cr

Mumbai: Future Group firm Pantaloon Retail India Ltd (PRIL) on Monday said it plans to raise up to 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 on Monday 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 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 10 November, 2011 instead of the 22 October, 2011 as earlier informed.