Bangalore: Bennett Coleman & Co Ltd (BCCL) increases the stake on India’s largest retail group Pantaloon by investing in shares worth 250 Crores. The ad-for equity firm which already had over 4% shares in Pantaloon Retail has now increased the portion to 7.7%.

The fresh shares being allotted to BCCL will be at Rs 245 a piece or 32.5 per cent premium to the last traded price of Pantaloon Retail.  Pantaloon Retail which is to separate its Apparel retail as a completely different firm will sell a huge section of shares to Aditya Birla Nuvo. Eight hundred OFCDs were approved by Pantaloons on Thursday to be allotted to the Aditya Birla Nuvo , Peter England Fashion and Retail Ltd for 1 Crore each.

“It will be an all-cash deal and 200 Crore will come to PRIL (Pantaloon Retail India Ltd). An extraordinary general meeting will be held on May 30, 2012 at Mumbai for obtaining shareholders’ approval for the preferential issue of equity shares and OECDs to investors as above,” PRIL executives said about the deal in a report to the BSE.

The debt ridden Pantaloons Retails, which has over 1,000 stores across 71 cities in India, will be changing its name to Future Retail India Ltd as reported by Financial Express.