Pantaloon Retail to split

Pantaloon Retail (India) Ltd. has informed the Exchange that a meeting of Board of Directors of the Company was held on April 13, 2009 and the Board inter alia has approved the following:
(1) Appointment of Mr. Shailesh Haribhakti as Chairman of the Board.

(2) Issue of Equity Shares and Warrants on Preferential basis to : (a) 1,10,00,000 Equity shares at a price of Rs. 183/- per share aggregating to Rs. 201,30,00,000/- to the Promoters and their associates; (b) 41,00,000 Equity shares at a price of Rs. 183/- per share aggregating to Rs. 75,03,00,000/- to the Dharmyug Investments Limited; (c) 50,00,000 Warrants at a price of Rs. 183/- per share aggregating to Rs. 91,50,00,000/- to the Promoters and their associates with an option to the Warrant holders to acquire same number of equity shares with in a period of 18 months pursuant to Chapter XIII of Securities & Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 relating to Preferential Issues; The relevant date for the pricing of the aforesaid Issue is April 12, 2009.

(3) The sale/ transfer of the Retail Divisions and Fashion Division of the Company to its wholly owned subsidiaries. The sale/ transfer is subject to consent by the requisite majority of the shareholders of the Company and any other statutory or regulatory authorities, which by law may be necessary for giving effect to the above decision.

(4) Board passed the resolution for change the name of the Company, subject to approval of Members, to "Future Markets and Consumer Group Limited" or such other name as may be allowed by the Registrar of Companies, Maharashtra.

(5) An Extraordinary General Meeting of the Company will be held on May 12, 2009 for obtaining shareholders approval for the Preferential Issue of equity shares and warrants to Promoters and Investors.

(6) Board authorised conduct of postal ballot for approval of the requisite resolutions for sale/ transfer of the divisions as contemplated hereinabove, and change of name of the Company, by members. Board also noted cancellation of balance 1,26,51,944 warrants for which conversion option was not exercised upto April 01, 2009, being the last due date to exercise conversion option.