Pantaloon Retail India Ltd, will raise around Rs 367 crore (3.67 billion) by selling shares and warrants. Further, the board of the company, promoted by Kishore Biyani-led Future group, also approved spinning off the retail and fashion divisions to wholly owned units and renaming itself Future Markets and Consumer Group Ltd, according to company’s latest filing to Bombay Stock Exchange.
Further, the company will sell 11 million shares at Rs 183 a piece to founders, raising Rs 201 crore (2.01 billion). It will sell 4.1 million shares to Dharmyug Investments Ltd at the same price to raise Rs 75 crore (750 million).
Pantaloon also plans to issue five million warrants to the founders to raise Rs 91.5 crore. These warrants are convertible into shares within 18 months, it said. All plans are subject to approval by shareholders, who are scheduled to meet on 12 May.
According to the filing, the board also passed the resolution for change the name of the company, subject to approval of Members, to Future Markets and Consumer Group Ltd or such other name as may be allowed by the Registrar of Companies, Maharashtra.
Meanwhile, the company has also appointed Shailesh Haribhakti as the chairman of the board of the company.
— IndiaRetailing Bureau