Pantaloon Retail plunges 7%

Pantaloon Retail has dipped 7% to Rs 140 after the company said it will transfer its 53.67% stake in Future Capital Holdings Ltd (FCH) to its wholly-owned subsidiary Future Value Retail (FVRL).

Around 34.8 million shares would be transferred by Pantaloon Retail to FVRL at a weighted average market price of Rs 133.89.

“The proposed transfer will be completed within 90 days starting May 18, 2012,” FCH said in a BSE filing.

Meanwhile, the media report suggests that the Future group, owned by Kishore Biyani, will sell its 56% in FCH to the US-based private equity (PE) company Warburg Pincus.

 

A combined 2.36 million shares have changed hands on the Pantaloon Retail counter so far on the NSE and BSE.