Pantaloon stock gains 4% on fund-raising plans

Shares of Kishore Biyani-promoted Pantaloon Retail India today surged over 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.     

After opening weak at Rs 290, the scrip soon rebounded to surged 4.49 per cent to touch a high of Rs 313 in the morning trade on the BSE.     

On the National Stock Exchange, the stock opened firmly at Rs 302.90, up 1 per cent from its previous close. Soon, the scrip surged 4.44 per cent to touch a high of Rs 312.80.     

As much as 3.48 lakh shares changed the hands on the two bourses.     

On Monday, Pantaloon Retail had said that 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 merger of its subsidiary firm Home Solutions Retail (India), with an aim to have better synergy and efficiency in the retail business.     

Later, Pantaloon was trading at Rs 309, up 3.15 per cent on the BSE and at Rs 306.95, up 2.49 per cent on the NSE.