Pantaloon Retail India, a part of Kishore Biyani-run Future Group, today said it has raised about Rs 500 crore through the issue of equities to qualified institutional buyers (QIBs).
The committee of directors (of the board), at its meeting held today, approved allotment of 1.58 crore shares under qualified institutional placement basis at a price of Rs 316 a piece aggregating to Rs 499.98 crore, Pantaloon Retail said in a filing to the Bombay Stock Exchange (BSE).
Earlier in July this year, shareholders of the company had given their approval for raising funds to the tune of Rs 1,000 crore through one or more placements of equity shares or fully convertible debentures or any securities (other than warrants) that are convertible into equity shares.
Shares of Pantaloon Retail closed at Rs 341.95, up 3.11 per cent from previous close on the BSE
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