Pantaloon Retail Outcome Of Board Meeting (23-Feb-2010)
Pantaloon Retail (India) Ltd has informed that the Board of Directors of the Company at its meeting held on February 23, 2010, inter alia has approved the following:
1. Consolidation of Consumer Durable, Home Improvement Business of its 66.86% subsidiary, Home Solutions Retail (India) Ltd (HSRIL) with itself; as per details given here under;
a. Demerger of Consumer Durable, Home Furnishing, Home Improvement, Furniture business from HSRIL into the Company;
b. Demerger shall be achieved by way of a Scheme of Arrangement under Section 391-394 read with Section 78 and 100 to 103 and other applicable provisions of the Companies Act 1956;
c. The Scheme of Arrangement is subject to approval from the Shareholders, Court and other authorities, as may be applicable;
d. Consideration for Demerger: for 9,987,054 equity shares of Rs. 10/- each held in HSRIL by the shareholders (other than the Company), 5,928,818 equity shares of Rs. 2/- each in PRIL and 6,347,635 preference shares of Rs. 100/- each in PRIL, convertible into one equity share of PRIL within twelve months from the date of allotment or July 31, 2011, whichever is earlier;
2. Acquiring of Sports Retail Business from its wholly owned subsidiary, Winner Sports Ltd.
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