Pantaloon to spin off retail business

April 30, 2012 17:53

Pantaloon Retail (India) Ltd. will spin off its branded retail business and sell a stake in the new company to Aditya Birla Nuvo Ltd., Pantaloon's parent said Monday.

The Future Group said in a statement that Aditya Birla Nuvo will subscribe to debentures amounting to 8 billion rupees ($152.3 million) issued by Pantaloon Retail in the new entity. These debentures will convert into equity on completion of the demerger process.

Read the report on the Wall Street Journal.

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