Pantaloons Fashion to raise Rs 1,000 crore through NCDs

Pantaloons Fashion & Retail today said it will raise Rs 1,000 crore through issue of non-convertible debentures on a private placement basis.

"The Board of Directors of the company at its meeting held on January 7, 2015, has approved issuance of non-convertible debentures (NCDs) of up to Rs 1,000 crore on private placement basis, in one or more tranches," Pantaloons Fashion & Retail said in a BSE filing.

The company, which is part of Kumar Mangalam Birla-led Aditya Birla Nuvo Ltd (ABNL), added that fund raise will be subject to the approval of its shareholders which would be obtained by way of Postal Ballot.

In July 2014, Pantaloons had announced plans to raise up to Rs 500 crore through various means, including a rights issue. The company had also said that it proposes to raise up to Rs 300 crore through the rights issue.

The company operates over 75 stores across the country.

Shares of the company closed at Rs 119 apiece, up 0.85% from their previous close on the BSE.