Pantaloon Retail India seeks shareholders' approval for sale of 'eZone'

NEW DELHI: Pantaloon Retail India Ltd ( PRIL) today said it has sought shareholders' approval for sale or transfer of its consumer durables and electronics division 'eZone' to its wholly-owned subsidiaries.

"The company seeks consent of the shareholders for sale/transfer of business conducted by company's 'eZone' division, dealing in consumer durables and electronic goods to company's direct and/or indirect wholly-owned subsidiary (ies)" PRIL said in a filing to the Bombay Stock exchange ( BSE).

The shareholders' approval has been sought through a postal ballot and the result of the ballot will be announced on June 25, 2011.

The Board of Directors of the company at its meeting held on February 11, 2011, had approved sale or transfer of the 'ezone' retail stores.

PRIL's scrip closed at Rs 249.75 today, up 0.93 per cent from its previous close on the BSE.