Pantaloon Retail to issues equity shares on preferential basis

MUMBAI : Pantaloon Retail to issues equity shares on preferential basis to financial institutions at Rs 234 per share.

Retail major Pantaloon Retail (India) to raise funds through issue of securities. The board of directors of the company to meet on May 3, to approve raising additional long term funds through issuance of further securities either through equity shares or debentures or convertible securities or warrants convertible into equity shares on preferential basis.

As per the market sources, Pantaloon raising nearly Rs 234 crore by issuing one crore equity shares on preferential basis to the leading financial institutions at Rs 234 per share.

Last Monday, company sold its majority stake in its retail chain Pantaloon Retail to Aditya Birla Nuvo for Rs 1,600 crores.

Shares of Pantaloon Retail ended at Rs 183, down by 2.53% on Wednesday.