Pantaloon Retail (India) has tanked almost 11% to Rs 165 in noon trades on the Bombay Stock Exchange (BSE). A total 7.03 million shares have changed hands on the counter so far, against an average 6.36 million that were traded daily in past ten trading days on the BSE and NSE.
Kishore Biyani's promoted Pantaloon Retail said on Thursday that its board had passed a resolution to change its name to Future Retail India after the country's largest retailer sold majority stake in its apparel business to Aditya Birla Nuvo on April 30.
In a filing to the stock exchange, the company said that it will issue 800 optionally fully convertible debentures (OFCDs) at Rs 10 million per OFCD to Aditya Birla Nuvo and/or its subsidiary Peter England Fashion and Retail.
The board also approved to issue of 8.16 million equity shares of Rs 2/ each at a price of Rs 245/- per share aggregating to Rs 200 crore on preferential basis to Bennett, Coleman & Co. Limited.