Pantaloons Fashion & Retail Ltd approves raising funds of Rs. 500 crores

The Board of Directors of Pantaloons Fashion & Retail Ltd at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs. 500 Crores through various means, subject to receipt of necessary approvals (including any regulatory approvals and approval of the Company's shareholders). Out of the aggregate amount of Rs. 500 Crores, up to Rs. 300 Crores is proposed to be raised through issue of equity shares of the Company to its eligible shareholders on a rights basis in accordance with the provisions of Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws (the "Rights Issue").

The Board has also approved and duly constituted a committee of directors to decide and approve the terms and conditions of the Rights Issue, including the rights entitlement ratio, issue price, record date, timing of the Rights Issue and other incidental matters and to take such further actions as may be required in this regard.

Shares of Pantaloons Fashion & Retail Ltd was last trading in BSE at Rs.127.2 as compared to the previous close of Rs. 123.8. The total number of shares traded during the day was 2332 in over 184 trades.

The stock hit an intraday high of Rs. 128.9 and intraday low of 125.1. The net turnover during the day was Rs. 296837.

Source : Equity Bulls

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