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    Pantaloon approves unit’s IPO

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    Pantaloon Retail Ltd’s board approved an initial public offer by its unit, Future Capital Holdings, and a separate plan to raise about 12 billion rupees ($291 million) through issue of shares and warrants.

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    Besides, the company's board has approved acquisition of online and offline rights of global brand Forever 21 for the Indian market.

    The company will raise two billion rupees by issuing equity shares to private investors at 500 rupees a share, and raise about 10 billion rupees through an issue of warrants at the same price to owners and select employees.

    The board has also decided to invest 3.35 billion rupees in its fully owned subsidiary.