Pantaloon to sell stake in Future Capital Holdings
The company has been planning a divestment for quite sometime
July 04, 2011 | comments ( 0 ) |
The country's leading retailer, Pantaloon Retail, will sell its stake in the financial services arm Future Capital Holdings. Pantaloon has hired investment bank Morgan Stanley to find a buyer for its 54% equity in Future Capital Holdings (FCH). FCH is a non-banking finance company with assets worth Rs 3,000 crore, comprising retail, wholesale and mortgage loans.
Recent developments has put Pantaloon in a better position to divest its holding in FCH.
Kishore Biyani, managing director of Pantaloon Retail (India) Limited and CEO of Future Group, said Pantaloon has always been looking at some divestment and strategic partnership. He however ruled out a complete stake sale.
FCH exited a JV, merged its subsidiary Future Capital Financial Services with itself and roped in professionals from Citi, Merrill and Morgan Stanley to head businesses such as retail, wholesale and corporate.
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