|
| Pantaloon to raise Rs 1,000cr from PE firms |
| BS Reporter / Mumbai Jun 08, 2009, 19:44 IST |
|
Pantaloon Retail, the country's largest retailer, today said it plans to raise as much as Rs 1,000 crore by selling shares to investors. The company board gave its approval for the fund raising plans today.
Pantaloon is expected to go for a private placement of its shares with private equity companies within the next 45 days, company sources said. Already, the company is in talks with leading PE firms such as Carlyle, Blackstone, Bain Capital, KKR and Goldman Sachs to raise funds, sources added.
Recently, the company raised Rs 368 crore by issuing equity shares and warrants to promoters and select investors. It issued 11 million equity shares to PFH Entertainment, a promoter group company and 4.1 million shares to Dharmyug Investments, a Bennett Coleman & Co arm. Pantaloon also issued five million warrants at Rs 183 each to PFH to raise Rs 91.5 crore.
Though company shareholders have approved the restructuring of the its business, the company has deferred its restructuring plans to next financial year, sources said. The company's financial year ends on June 30.
The company planned to sell its fashion division, including the entire investment in Home Solutions (Retail) India, to its wholly-owned subsidiary, Future Value Retail and its retail division to subsidiary Future Speciality Retail.
Pantaloon is also in talks with French company Carrefour for a tie-up in cash and carry venture and logistics operations.
The company's stock ended the day at Rs 299.55, over four per cent lower than Friday's close.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
