Pantaloon Retail India (PRIL) has decided to set up 9-10 Central malls in the country within the next 12-18 months. The company will infuse around Rs 25 crore in setting up each Central.
The company plans to expand further in cities like Ahmedabad, Bangalore, Vizag, Raipur and Jaipur. The lifestyle retailing mall, which set up shop in Indore earlier this month, will also come up at places like Surat, Thane and Nashik. This apart, there would be one Central spread over 1 lakh sq ft at Tardeo in South Mumbai.
PRIL also plans to come up with six Big Bazaar and eight Food Bazaar stores by the end of next month. Six eZone and two HomeTown stores are also expected to be rolled out around same time.
The company is planning to raise additional long term funds to the tune of Rs 1,000 crore by issuing securities to various investors by various means, including public or private offerings or qualified institutional placement (QIP). The board of directors of the company has approved the fund raising plan through issuance of equity based securities to various investors.
Last month, it had successful in raising Rs 368 crore through preferential issue of equity shares and warrants. The funds received from this issue will be utilised in expansion plans of the company.