New Delhi, Sep 26 (UNI) Pantaloon Retail India Ltd's board today approved raising funds worth Rs 2,000 crore through private placement and initial public offering (IPO) to set up a new company.
It's board has apoointed Future Ventures India Ltd as holding company for raising of funds, it said in a statement.
This will be Future Group's second initial public offer and the new company is expected to house several existing businesses including Future group JVs and new ventures.
The group has its business in six verticals- retail, capital, brands, space, media and logistics.
Chief Executive of the company Kishore Biyani had earlier said ''the (latest) company will be a new one, not something hived off from our existing operations.'' From Rs 4,000 crore Mr Biyani is targeting a group turnover of Rs 30,000 crore by 2010.
Future Group has another IPO of its financial arm, Future Capital Holdings, lined up for this year.
The board also recommended a dividend of Rs 0.50 (25 per cent) per equity share today.