Pantaloon Retail to be renamed Future Retail

Future Group firm Pantaloon Retail India Ltd (PRIL) on Thursday said the company's board has approved change in the company's name to Future Retail India Ltd.

PRIL's board that met on Thursday also approved optionally fully convertible debentures aggregating to Rs 800 crore on preferential basis to Aditya Birla Nuvo Ltd , the company said in a filing to the BSE.

The board has also recommended issue of equity shares worth over Rs 199.99 crore to Bennett Coleman & Co. Ltd.

The board recommended issue of over 81.63 lakh equity shares of Rs 2 each at a price of Rs 245 per share aggregating to over Rs 199.99 crore on preferential basis to Bennett Coleman & Co. Ltd, it said.

"The relevant date for the pricing of the aforesaid preferential issues is April 29, 2012," the filing said.

Bennett Coleman & Co's stake in PRIL will go up to 5.7 per cent after the issue from earlier around 2.4 per cent.

On April 30, Future Group had announced hiving off apparel stores chain Pantaloon from PRIL and selling up to 50.01 per cent stake in the format to Aditya Birla Nuvo Ltd (ABNL) for Rs 800 crore.

In addition, ABNL will also take care of Rs 800 crore worth liability of PRIL. As a part of the deal between the two companies, the Pantaloon format will be demerged from PRIL, a listed entity on the BSE and the NSE.

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 the equity shares and debentures, the filing added.