Pantaloon plans open offer for Galaxy

The board of directors of Pantaloon Retail, which met today, have approved a proposal to acquire 20 lakh shares of Galaxy Entertainment at a premium of Rs 34 per share totalling Rs 8.80 crore.

According to a release issued by Pantaloon Retail to the BSE today,
the acquisition, on a preferential basis, will amount to 15.73% of the paid-up capital of Galaxy Entertainment Corporation.

"The company will make an open offer to the share holders of Galaxy Entertainment Corporation as per SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997," the release added.

While Pantaloon Retail shares closed at Rs 823 on the BSE, Galaxy was locked at its 10% upper limit at Rs 56.65 - a gain of Rs 5.15. The Galaxy counter saw unusally high volume of over 95,000 shares as agains the normal 2-week daily average of 36,000 shares.