The Hindu Business Line : Pantaloon Retail okays 1:5 rights issue

PANTALOON Retail (India) Ltd has approved a rights issue of one equity share for every five shares held at a price of Rs 500 per share. The sale is expected to aggregate Rs 224 crore.

The price of Rs 500 is at a discount to the last traded price of Rs 1,701.40. The Indian promoters have a stake of 43.06 per cent.

According to a source, the funds will be ploughed into the company's expansion plans.

The company has also appointed a sub-committee of directors to take the necessary steps regarding the issue.

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