News: Pantaloon Retail to raise $206 m for expansion

(RTR 25/08/2006) Mumbai - Pantaloon Retail India Ltd.said on Thursday it plans to raise up to Rs 960 crore ($206 million) by selling some stake in subsidiaries and issuing debt and equity to fund expansion.

Pantaloon, which runs a network of stores, said it would raise up to Rs 500 crore by selling a maximum of 24 per cent in its subsidiaries.

It would raise Rs 260 crore by selling shares or equity-related bonds to the public and qualified institutional buyers.

The company said it would also issue 1.2 million convertible warrants at a price of Rs 1,635 each to founders to raise nearly Rs 2 crore.

Shares in the company rose 0.23 per cent to Rs 1,670.05 in the Mumbai market.