In a filing with the Bombay Stock Exchange (BSE), Pantaloons Fashion & Retail Ltd which manages 75 lifestyle stores across India, says that it plans to raise up to Rs 500 crore, through different means, including a rights issue.
In the filing, Pantaloons says, “The Board of Directors of the company at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs 500 crore through various means, subject to receipt of necessary approvals”.
Of the Rs 500 crores, Pantaloons, which is part of Kumar Mangalam Birla-led Aditya Birla Nuvo Ltd, proposes to raise up to Rs 300 crore through a rights issue to its eligible shareholders.
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.
The filing however does not mention as to where the proceeds will be utilized.