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Our Bureau

Mumbai , Jan. 6

BENNETT & Coleman & Company Ltd is acquiring a 4.53 per cent stake in Pantaloon Retail India Ltd for Rs 70 crore.

Pantaloon said it has approved the issue of 9.53 lakh equity shares of Rs 10 each for cash at a premium of Rs 724.02 to Bennett, Coleman & Co.

Promoters' holding which stands at 39.53 per cent is likely to fall by one percentage post this allotment, said Mr Kishore Biyani, Managing Director of the company.

Pantaloon plans to use funds accruing out of this preferential allotment to expand retail space to three million sq ft in 2005 and 2006 from the current one million.

It is also issuing 4.08 lakh warrants to promoters and their associates. These warrants will allow the holder to acquire one fully paid up equity share of Rs 10 each for cash at a premium of Rs 725 per share within 18 months.

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