Retail chain Pantaloons Fashion & Retail Ltd will invest Rs 150 crore to add up to 20 outlets this fiscal to take the number of stores to 100.
In an investors’ update, Pantaloons’ parent company Aditya Birla Nuvo said: “Full year capex (capital expenditure) guidance (for Pantaloons) stands at Rs 150 crore towards addition of 18 to 20 new stores to reach 100 stores mark.”
In July, Pantaloons had said it planned to raise up to Rs 500 crore through various means, including a rights issue this year to fund its growth capital requirements. Out of the aggregate amount of Rs 500 crore, up to Rs 300 crore is proposed to be raised through rights issue, it added.
Its board had 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.
In 2012, Aditya Birla Nuvo Ltd had entered into an agreement with the Future Group to infuse Rs 1,600 crore into Pantaloons and acquire a majority stake in the store chain.