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Sep 10, 2012, 04.53 PM IST
Future Group firm Pantaloon Retail (India) today said it will merge its wholly-owned subsidiary Future Value Retail, which runs Big Bazaar and Food Bazaar stores, with itself.
In a meeting held yesterday, Board of Director of Pantaloon Retail (India) Ltd (PRIL) decided the "merger of Future Value Retail Ltd, a wholly owned subsidiary with the company".
The company, however, did not share details of the proposed merger.
Future Value Retail operates 148 Big Bazaar and 169 Food Bazaar stores, among other formats, in over 70 cities across the country, according to its website. It also runs another retail brand KB's Fairprice.
In a filing to the BSE, PRIL also said it will "demerge business undertaking, comprising all business, activities and operations pertaining to the Pantaloons Format Business of the company and transfer to Peter England Fashions and Retail Ltd (PEFRL) by way of a scheme of arrangement".
The shares of PRIL were trading 4.25% up at Rs 149.65 apiece on BSE during afternoon.
Yesterday, Aditya Birla group firm PEFRL's board had approved the demerger of Pantaloon format business and fixed the share swap ratio at 1:5 -- meaning for every five shares of Pantaloon, the shareholders will get one Peter England
Under the transaction, PRIL will also transfer all undertakings, business, activities and operations pertaining to the 'Pantaloons Format' business to Peter England. Besides, a debt of Rs 1,600 crore will be transferred to PEFRL. The date of transfer has been fixed at July 1, 2012.
It is also mulling stake sale in Future Generali Insurance, a JV with Italian insurer Generali Group.
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