Pantaloons eyes Rs 1,000 cr funds through NCDs

Pantaloons Fashion & Retail plans to raise Rs 1,000 crores through issue of non-convertible debentures on a private placement basis. The company said in a BSE filing that the Board of Directors of the company at its meeting held on January 7, 2015, has approved issuance of non-convertible debentures (NCDs) of up to Rs 1,000 crores on private placement basis, in one or more tranches.

The company, a part of Kumar Mangalam Birla-led Aditya Birla Nuvo (ABNL), has further said that funds raised through NCDs will be subject to the approval of its shareholders which would be obtained by way of postal ballot. In July last year, the company had announced plans to raise up to Rs 500 crores through various means, including a rights issue. The company had also said that it proposes to raise up to Rs 300 crores through the rights issue.

The first Pantaloons store was launched in Kolkata in 1997. Over the years, the brand has undergone an evolution to bring compelling trends and styles catering to every fashion need of women, men and kids. Currently, it has 75 fashion stores across 45 cities.