The Hindu Business Line : Pantaloon Retail nod for Future Capital IPO

Mumbai, Aug. 20 Pantaloon Retail India Ltd has informed the BSE that its board of directors has given approval for the initial public offering (IPO) of Future Capital Holdings Ltd, its financial arm, for about 10 per cent of the post-issue capital.

It has also approved an investment of Rs 325 crore in Pantaloon Future Ventures Ltd, a wholly owned subsidiary of the company set up to undertake new businesses, incubation of new ideas and businesses and getting into joint ventures.The board has also decided to issue 40 lakh equity shares of Rs 2 each at a premium of Rs 498 aggregating to Rs 200 crore on preferential basis.

The company would also issue 2,12,00,000 warrants at a price of Rs 500 per warrant aggregating to Rs 1,060 crore to its promoter group, Pantaloon Employee Welfare Trust and select employees of the company.

The warrant-holders have the option to acquire the same number of equity shares in one or more tranches within a period of 18 months from the date of issue of warrants. The relevant date for pricing for the issue of securities is August 19.An extraordinary general meeting of the company is scheduled on September 18, for obtaining shareholders’ approval for the purpose.

The Pantaloon Retail scrip ended at Rs 489.20 on the BSE on Monday, against the previous close of Rs 477.50, an increase of 2.55 per cent.

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