Pantaloon Retail India is seeking to garner about $304 million by selling equity-linked securities amounting to stake dilution of not more than 15 percent, Moneycontrol.com reports. The securities will be either convertible instrument convertible into shares, debt instruments with attached warrants giving to the holder the right to subscribe to equity/class B shares.
The proposal is subject to approval from shareholders. Pantaloon Retail is the flagship of the Future Group and operates multiple retail formats in the value and lifestyle segments.
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