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Deccan Chronicle buying Future Cap from Pantaloon
Shares of Future Capital Holdings rose more than 7% on Wednesday after a newspaper report said Deccan Chronicle Holdings was acquiring a controlling stake in the Future Group's financial services firm for Rs 6-7 billion.
Shares of Future Capital Holdings rose more than 7% on Wednesday after a newspaper report said Deccan Chronicle Holdings was acquiring a controlling stake in the Future Group's financial services firm for Rs 6-7 billion.
Shares of Deccan Chronicle fell as much as 3.6% in the opening trades before bouncing back more than 2%.
The Economic Times reported that India's largest retailer Pantaloon Retail (India) had sold its entire stake in Future Capital Holdings.
In a separate transaction, Pantaloon has also sold its 26% stake in its insurance joint venture, Future Generali Life, to Mumbai-based Industrial Investment Trust for rs 2.5-3 billion, the report said citing unnamed people close to the development.
India's largest retail chain, Pantaloon Retail, and Future Capital are part of Kishore Biyani-run Future Group. Biyani has exited the financial services business through these two transactions, the report said.
"It's news to me. I am not aware of any such development," the newspaper quoted Deccan Chronicle Chairman T. Venkatram, as saying.
Officials of Pantaloon Retail and Deccan Chronicle could not be reached immediately for a comment by Reuters.
Earlier in August, sources had told Reuters that Future Group was in talks with potential buyers including JPMorgan and Kohlberg Kravis Roberts and Co to sell Future Capital Holdings.
At 9:28 a.m. shares in Future Capital Holdings were trading up 5.86% at Rs 144 while that of Deccan chronicle were up 2% at Rs 48.25. Shares in Pantaloon Retail were down 2.28% at Rs 182.
