ToI group to invest Rs 70cr in Pantaloon Retail

The board of directors of Pantaloon Retail (India), which met today, has approved a preferential allotment of 9,53,653 shares to Bennett,
Coleman & Company at Rs 734.02 each amounting to nearly Rs 70 crore.

According to a release issued to the BSE today, the board also approved issue of 4,08,165 warrants to promoters and their associates.

"The warrants will give an option to the holders to acquire one fully paid-up equity share of Rs 10 each for cash at a premium of Rs 725 per share within a period of 18 months," the release added.

The company has called for an EGM on Feburay 4, 2004 to ratify the proposals.