Pantaloon Retail (India) Ltd has announced that the Board of Directors of the Company at its meeting held on May 03, 2012, has approved the following:
Preferential Issue of Shares and Convertible Securities
Issue of 81,63,265 Equity shares of Rs. 2/ each at a price of Rs. 245/- per share aggregating to Rs. 1,99,99,99,925/- on Preferential basis to Bennett, Coleman & Co. Limited;
Issue of 800 Optionally Fully Convertible Debentures (OFCDs) at a price of Rs. 1,00,00,000/- per OFCD aggregating to Rs. 800,00,00,000/- on Preferential basis to Aditya Birla Nuvo Limited & / or its 100% subsidiary Company, Peter England Fashion and Retail Limited.
The relevant date for the pricing of both the aforesaid Preferential Issues is April 29, 2012.
Change of Name of the Company
Board passed the resolution for change the name of the Company, subject to approval of Members, to "Future Retail India Limited” or such other name as may be allowed by the Registrar of Companies, Maharashtra.
Convening of the Extraordinary General Meeting
An Extraordinary General Meeting of the Company will be held on May 30, 2012 at Mumbai for obtaining shareholders’ approval for the Preferential Issue of equity shares and Optionally Fully Convertible Debentures to investors as above.