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Pantaloon Retail to dilute 15% to raise Rs 1,500 cr

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firm India (PRIL) today said it planned to raise up to Rs 1,500 crore by issuing equity-linked securities amounting to of not more than 15%.

In a filing to the Bombay Stock Exchange (BSE), PRIL said its board which met today approved the raising of additional long-term funds.

The securities could be either convertible instruments, convertible into shares, debt instruments with attached warrants giving right to the holder of such warrants to subscribe for Equity/Class B Shares, issue of Equity/Class B shares, it added.

The issue of such securities would be for an amount not exceeding Rs 1,500 crore, it said adding the proposal is subject to shareholders approval.

"The board further directed the company, it should ensure that overall dilution of equity through aforesaid is within 15% and the debt equity ratio is not to exceed 1.33," the filing said.

As per the BSE record, the company's promoters had 44.92% stake in the firm as on June, 2011.

The filing further said its 24th annual general meeting will be held on the November 10, 2011 instead of the October 22, 2011 as earlier informed.

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