Pantaloon buys 49% in Planet Sports

The board of directors of Pantaloon Retail today approved a proposal to acquire 49% stake in Planet Sports for a consideration of Rs 14.20 crore.

According to a release issued by Pantaloon to the BSE today, the company will subscribe to 28,40,880 shares of Planet Sports of Rs 10 each at a premium of Rs 40 per share.