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Pantaloon Retail gets approval for sale of ‘eZone’

25 May 2011 Evaluate

Pantaloon Retail India (PRIL) has received an approval for the sale of its consumer durables and electronics division 'eZone'. The company has sought shareholders' approval for the sale or transfer of ‘eZone’ to its wholly-owned subsidiaries.

The company has already received board’s approval for sale or transfer of ‘eZone’ retail stores at its meeting held on February 11, 2011. Further, the shareholders' approval has been sought through a postal ballot and the result of the ballot will be announced on June 25, 2011.

PRIL’s net profit for the third quarter has surged by 42.86% at Rs 20.10 crore as compared to Rs 14.07 crore for the corresponding quarter last year. Its total income has increased by 10.53% at Rs 1034.76 crore for the quarter under review from Rs 936.20 crore in the corresponding previous quarter. On consolidated basis, the group’s net profit of Rs 4.09 crore for the quarter under review. Total income for the quarter is stood at Rs 3029.60 crore.

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