Arisaig Partners hikes stake in Pantaloon Retail to 6.88%

NEW DELHI: Singapore-based investment management company Arisaig Partners has raised its stake in debt-ridden Future Group firm Pantaloon Retail to 6.88 per cent by acquiring an additional 2.38 per cent for Rs 76.74 crore.

In a filing to the BSE, Pantaloon Retail (India) today said, Arisaig Partners (Asia) Pte Ltd has acquired 51,25,865 shares, representing 2.38 per cent stake in the company, through a series of open market transactions on June 6.

Post this transaction, Arisaig Partners' holding in the retail firm has increased to 6.88 per cent, it added.

Shares of Pantaloon Retail today closed 1.98 per cent down at Rs 163.75 apiece on BSE.

Last week, Bennett, Coleman & Co Ltd (BCCL) had raised its stake in Pantaloon Retail to 7.73 per cent through a preferential purchase of equity shares. Pantaloon had raised Rs 200 crore from BCCL.

Debt-ridden Future group, of which Pantaloon Retail is the flagship company, is in the process of divesting stake in its non-core businesses.

Earlier, it had announced selling of 53.67 per cent stake in Future Capital Holdings to US-based private equity Warburg Pincus to raise an estimated Rs 560 crore.

In April, the Kishore Biyani-led group had announced that Aditya Birla Nuvo will infuse Rs 1,600 crore into 'Pantaloon' and will acquire a majority stake in the store chain, which will later be demerged to be listed as a separate entity.