Pantaloon Retail to raise Rs 500 crore via QIP

Nov 21, 2009

India's largest retailer, Pantaloon Retail (India), will raise Rs 500 crore by way of private placement of shares with qualified institutional buyers. The committee of directors has decided to raise up to Rs 500 crore by way of private placement of shares with qualified institutional placement (QIP), Pantaloon Retail (India) said in a filing to the Bombay Stock Exchange.

Earlier in July this year, the shareholders of the company approved raising funds to the tune of Rs 1,000 crore through one or more placements of equity shares, fully convertible debentures or any securities (other than warrants) which are convertible into equity shares, the filing added. Shares of Pantaloon Retail (India) were trading at Rs 331 on the BSE on Friday, up 0.47 per cent from its previous close.