Pantaloon Retail (India) is trading higher by 2.4% at Rs 168.80 after raising Rs 800 crore by issuing convertible debentures to Peter England Fashions and Retail on preferential basis.
“The committee of directors of the company at their Meeting held on June 14, 2012, have made allotment of 800 optionally fully Convertible Debentures (OFCDs) of Rs 100,00,000/- each aggregating to Rs 800 crore- to Peter England Fashions and Retail Limited, an Investor not forming part of Promoter Group on a preferential basis,” Kishore Biyani’s promoted Future Group company said in a filing.
Debt-ridden Future group, of which Pantaloon Retail is the flagship company, is in the process of divesting stake in its non-core businesses.
In April, the Kishore Biyani-led group had announced that Aditya Birla Nuvo will infuse Rs 1,600 crore into 'Pantaloon' and will acquire a majority stake in the store chain, which will later be demerged to be listed as a separate entity.
The stock opened at Rs 166 and hit a high of Rs 169.35 on the Bombay Stock Exchange. A combined around 120,000 shares have changed hands on the counter in opening deals on both the exchanges.
