Future Retail goes ex
Future Retail, which was earlier known as Pantaloon Retail is a big loser on the BSE today, down currently over 11% at Rs.111.45, with an intra day low at Rs.107.
The stock turned ex-scheme of arranagement today. As per the arrangement, shareholders of Future Retail, on record date, which is tomorrow, 18th April, will receive one equity shares (FV of Rs.10) of Peter England Fashion & Retail for every five shares (FV of Rs.2) held by them.
This demerger takes a step closer to Aditya Birla group’s acquisition of a majority stake in Pantaloons Format and Peter England is a wholly owned subsidiary of Aditya Birla Nuvo. As per the deal, Future Retail would transfer all undertakings, business, activities and operations pertaining to ‘Pantaloons Format’ business to Peter England Fashions. A debt of Rs 1,600 crore would also be transferred to Peter England.