The board of directors of Pantaloon Retail India will meet on April 13 to consider issue of preferential shares to its promoters/investors and restructuring of the company’s business.
Last month, the company had decided to integrate Big Bazaar and Food Bazaar into a separate entity called Future Value Retail. On the current proposal for restructuring, Kishore Biyani, managing director, Pantaloon Retail, told Business Line: “We are exploring various options to unlock the potential in each of our business ventures and we will be presenting them to the Board.” He declined to comment on the restructuring specifics, or on the proposed size of the preferential issue.
Officials said the group is examining a structure that would eventually enable it to strike a joint venture with a global retailer. According to the company’s statement issued to the Bombay Stock Exchange, the retailer plans to “re-align its business lines as per verticals and is considering creating separate legal entities.”
Source : Business Line