Retail chain Pantaloons Fashion & Retail Ltd will invest Rs. 150 crore to add up to 20 outlets this fiscal to take the number of stores to 100.
In an investors’ update, Pantaloons’ parent company Aditya Birla Nuvo said: “Full year capex (capital expenditure) guidance (for Pantaloons) stands at Rs. 150 crore towards addition of 18-20 new stores to reach 100 stores mark.”
Pantaloons has already spent Rs. 44 crore in the first half, it added.
The company, which reported turnover of Rs. 940 crore in the first half ended September 30, 2014, said the investment will also be utilised in refurbishing 21 stores.
In July, Pantaloons had said it planned to raise up to Rs. 500 crore through various means, including a rights issue this year to fund its growth capital requirements.
Out of the aggregate amount of Rs. 500 crore, up to Rs. 300 crore is proposed to be raised through rights issue, it added.