Shares of Kishore Biyani-promoted Pantaloon Retail India today rose nearly 4 per cent on the Bombay Stock Exchange, a day after the company said it plans to raise additional long-term funds of up to Rs 1,000 crore. The scrip ended the day at Rs 310.70, up 3.72 per cent from its previous close. During the trade, the stock had surged over 6 per cent to touch an intra-day high of Rs 319. Similar trend was seen on the National Stock Exchange, where the shares settled the day at Rs 310.50, up 3.67 per cent from last close. Over 8.37 lakh shares changed the hands on the two stock exchanges.
Yesterday, Pantaloon Retail had said it will raise additional long-term funds of up to Rs 1,000 crore through issuance of securities to various investors. The company has received the approval from its board for raising funds through issuance of equity-based securities to its investors by various means, including public or private offerings or qualified institutional placement, it had said. The company is also mulling over merger of its subsidiary firm Home Solutions Retail (India), with an aim to have better synergy and efficiency in the retail business.
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