Pantaloons to raise up to Rs 500 crores funds

Pantaloons Fashion & Retail plans to raise up to Rs 500 crores. “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 crores through various means, subject to receipt of necessary approvals,” the company said in a BSE filing.

Now a part of Kumar Mangalam Birla-led Aditya Birla Nuvo (ABNL), the company proposes to raise up to Rs 300 crores through the rights issue. “Out of the aggregate amount of Rs 500 crores, up to Rs 300 crores is proposed to be raised through issue of equity shares of the company to its eligible shareholders on a rights basis,” the company said.

Pantaloon’s Board has also approved and 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. The company at present operates over 75 stores across the country.

Shifting its focus to private fashion labels, which it believes can bring better margins recently launched three new private brands exclusively for men, infants and plus size individuals. These brands include Byford, a British country inspired sport lifestyle brand for men, Moda targets plus sized individuals and Chirpie Pie is created exclusively for infants in the age group 3-24 months.