Pantaloon to increase stake in Indus League to 75.36%

New Delhi, July 28 (UNI) Retail major Pantaloon Industries Ltd today said it will increase its stake in Indus-League Clothing Ltd, to 75.36 per cent from the present 64.58 per cent.

The company has allotted 19 lakh 1 per cent Cumulative Redeemable Preference Shares of Rs 20 each, on private placement basis to Draper-India International.

The amount is redeemable in 2 years from the date of allotment for a consideration other than cash -- by transfer of 19,81,200 equity shares of Rs 10 each of Indus-League Clothing Ltd held by Draper-India International.

By virtue of this transfer, Pantaloon's shareholding in Indus-League Clothing Ltd will increase from 64.58 per cent to 75.36 per cent.

Besides, the company has also approved the investements of Weavette Texstyles Ltd of upto Rs 2 crore, and Stripes Apparels Ltd of upto Rs 1.25 crore, thereby making them subsidiaries of itself.

The investments will be subject to the approval of the shareholders through postal balloy.

UNI RA DKS PM1959