Pantaloon Retail India Ltd has informed that the Board of Directors of the Company at its meeting held on August 18, 2007, inter alia, has taken the following decisions:
1. Issue of 4000000 equity shares of Rs 2/- each at a premium of Rs 498/- aggregating to 2000000000/- on preferential basis pursuant to Chapter XIII of Securities & Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 relating to Preferential Issues to private investors.
2. Issue of 21200000 Warrants at a price of Rs 500/- per Warrant aggregating to Rs 10600000000/- to Promoter group, Pantaloon Employee Welfare Trust and select employees of the Company.
The Warrant-holders have the option to acquire the same number of equity shares in one or more tranches within a period of 18 months from the date of issue of warrants pursuant to Chapter XIII of Securities & Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 relating to Preferential Issues.
The relevant date for pricing for the aforesaid issue of securities is August 19, 2007.
An Extraordinary General Meeting of the Company is scheduled on September 18, 2007 for obtaining shareholders approval for the aforesaid purpose.
3. Board has given its approval as holding Company for the Initial Public Offering (IPO) by Future Capital Holdings Ltd for 10% of the post issue capital.
4. Approved an investment of Rs 325 crores in Pantaloon Future Ventures Ltd, a wholly owned subsidiary of the Company for making downstream investment into Future Ventures India Ltd which has been set up to undertake new businesses, incubation of new ideas and businesses and getting into joint ventures etc subject to necessary approvals.
Pantaloon Retail (India) Limited
marketing@alchempro.com
