Pantaloon Retail, India’s largest retailer, is seeking to raise up to INR10bn (US$211.6m) in funds through a series of share issues.
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In a statement to the Bombay Stock Exchange, the company said its board had given the green light to the business issuing shares “ to various investors by various means” – including public and private offerings.
Officials at Pantaloon declined to provide immediate comment but reports in India claim the retailer is in talks to sell a stake to private equity groups TPG, Bain Capital and Apax Partners.
A report in India’s Business Standard last week claimed that Pantaloon was close to sealing an equity deal with French retail giant Carrefour.
Carrefour, however, refused to be drawn on whether it was in talks with Pantaloon, telling just-food that it had been “discussing partnerships” with Indian partners – and that it would look to start cash-and-carry operations in the country by the start of next year.
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