Kishore Biyani, the promoter of Future group, plans to increase his stake in Pantaloon Retail India Ltd (PRIL). The stake increase is expected to be around 13.5%, which will be done by infusing over Rs 1,000 crore through convertible equity warrants.
Capital funding, according to analysts, would have been the biggest roadblock Pantaloon Retail would have faced in achieving its growth ambitions.
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In all, the company is looking at raising over Rs 1,200 crore through a combination of promoter investments, two undisclosed institutional investors and employees. Analysts envisage the dilution in equity to be around 17%.
The PRIL board has approved raising funds to the tune of Rs 200 crore by issuing 40 lakh equity shares at a premium of Rs 498 per share. Pantaloon Retail India Ltd (PRIL) has also finalised plans to invest Rs 325 crore into a subsidiary company, Pantaloon Future Ventures Ltd (FVL).
Read more in The DNA Money article.
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