The home retail business of the company was operated through HomeTown stores.
The company informed the BSE that it will further seek the listing of PHRPL. “The equity shares of PHRPL to be issued to the shareholders of FRL pursuant to the scheme shall be listed on the stock exchanges viz BSE and NSE,” the company said in a filing to the BSE.
“The scheme would be subject to approval of the National Company Law Tribunal, stock exchanges, SEBI (Securities and Exchange Board of India) and various statutory approvals, including those from the shareholders and the lenders/creditors of the companies involved in the scheme.” Besides, the company said, it has approved the increase of the investment limit of registered foreign portfolio investors in its equity share capital to 49 per cent from the current share of 24 per cent.
“Increase of the investment limit of registered foreign portfolio investors (including FIIs - foreign institutional investors) in equity share capital of the company, subject to the approval of members of the company,” the filing said.