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Pantaloon Retail to raise Rs 500 crore

Malini Ranade 19 August 2009

Kishore Biyani-led Pantaloon Retail India (PRIL) is planning to raise up to Rs 500 crore by offloading the non-core assets of the company as part of its restructuring plans.

The company will float a special purpose vehicle (SPV) to raise funds and ensure that its restructuring plans are compliant with the foreign direct investment (FDI) policy guidelines.

At present, FDI is prohibited in multi-brand retailing, and only 51 per cent FDI is allowed in single brand stores.

The firm aims to achieve at least 30% growth in revenue this year.

Ahead of positive announcement, the scrip of the company today settled the day at Rs 299 on BSE, up 2% compared to previous close of Rs 292.