The board of Pantaloon Retail India Ltd. (PF) will meet tomorrow to decide on restructuring the company and changing its name, the nation’s biggest publicly traded supermarket operator told the Bombay Stock Exchange in a statement yesterday.
Pantaloon will consider realigning its businesses as separate legal entities. The board may also approve issuing new shares to the owners and investors on a preferential basis, according to the statement.
Founder Kishore Biyani aims to raise 6 billion rupees ($120 million) by selling new shares, the Business Standard newspaper reported today without saying where it got the information.
To contact the reporter on this story: Harichandan Arakali in Bangalore at email@example.com.
To contact the editor responsible for this story: Young-Sam Cho at firstname.lastname@example.org.