Dalal St Spikes: Pantaloon surges 22% ahead of board meet

Pantaloon Retail India today shot up as much as 22% in the morning trade on the Bombay Stock Exchange, ahead of its board meeting to consider restructuring of the company's business.

Shares of Pantaloons surged to an intra-day high of Rs 208, up 21.5% from its previous close on the BSE.

The board of the Kishore Biyani-promoted Future Group firm is scheduled to meet today to consider the restructuring of its business, "by realigning the business lines as per verticals and considering to create separate legal entities for the same," Pantaloon Retail had last week said in a regulatory filing to the stock exchanges.

The board meeting would also consider the issuance of securities, including shares or warrants, on preferential basis to the promoters or investors besides, "changing the name of the company in view of its new structure," the filing added.

Earlier in January this year, Pantaloon had said it will is hive off four of its business divisions, including Big Bazaar and Food Bazaar, into independent subsidiaries, keeping the option open for listing them in future.

The scrip was later quoting at Rs 194, up 13.3% on the BSE.