Pantaloon board approves DVR bonus issue
The board of directors of Pantaloon Retail (India) on Thursday approved a bonus issue of shares with differential voting rights to existing shareholders of the company.
By ET Bureau |
MUMBAI: The board of directors of Pantaloon Retail (India) on Thursday approved a bonus issue of shares with differential voting rights (DVR) to existing shareholders of the company, subject to necessary shareholder and regulatory approvals.
The bonus issue has been structured to enhance the value creation for existing shareholders by providing them bonus shares with additional dividend payouts on such shares, the company said in a statement.
Kishore Biyani, MD, said, ���By coupling a bonus issue with a DVR, we believe we are enhancing alternatives available for our shareholders. DVR meets the different requirements of different shareholder groups.���
The Pantaloon Retail scrip was down 4% to end at Rs 360 on Thursday. The new Class B shares will entitle their owners to an additional 5% dividend over the regular dividend payable to Class A shareholders. Also, ten Class B shares will carry one vote.
The bonus issue has been structured to enhance the value creation for existing shareholders by providing them bonus shares with additional dividend payouts on such shares, the company said in a statement.
Kishore Biyani, MD, said, ���By coupling a bonus issue with a DVR, we believe we are enhancing alternatives available for our shareholders. DVR meets the different requirements of different shareholder groups.���
The Pantaloon Retail scrip was down 4% to end at Rs 360 on Thursday. The new Class B shares will entitle their owners to an additional 5% dividend over the regular dividend payable to Class A shareholders. Also, ten Class B shares will carry one vote.
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