Pantaloon Retail - Outcome Of Board Meeting

Pantaloon Retail India Ltd has informed that the Board of Directors of the Company at its meeting held on June 30, 2007, inter alia, has taken the following decisions:1. The Board has approved the conversion of warrants held by Erudite Trading Pvt Ltd, part of the promoter group, which has exercised option of conversion by payment of balance amount due on warrants, and allotted 6062400 fully paid equity shares. The allotment is in accordance with provisions contained in Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 as amended from time to time and other applicable regulations.2. Company has divested its holding in GJ Future Fashions Ltd, a 50:50 joint venture Company between the Company and Gini & Jony Ltd in favour of Gini & Jony Ltd.3. The Board has approved to setup a wholly owned subsidiary, in name of Pantaloon Future Ventures Ltd, with an initial capital of Rs 2.50 crores, to manage new ventures of the Company.