Pantaloon Retail sells part stake in insurance biz, shrs up

Pantaloon Retail (India) (PRIL) moved up more than 2.5 percent in early trade on Monday as the company sold partial stake in insurance business.

Pantaloon entered into share purchase agreement (SPA) with Industrial Investment Trust Limited (IITL) to sell its part holding in Future General India Life insurance Company Limited (FGILICL) representing 22.5 percent of the equity share capital of FGILICL.

"Post this transaction, Future Group consisting of PRIL and Sprint Advisory Services Private Limited shall continue to hold 52 percent shares in FGILICL with the other shareholders being Participatie Maatschappij Graafschap Holland NV (which is a subsidiary of Assicuranzioni Generali S.P.A) and IITL," the company said in its release sent to exchanges.

CNBC-TV18 learnt from sources that Pantaloon will sell 22.5 percent in Future Generali for over Rs 300 crore.
 
IITL is an investment Company duly registered as a non-banking financial company (non deposit taking) with the Reserve Bank of India and is listed on the BSE Limited and the National Stock Exchange of India Limited.

At 10:55 hours IST, Pantaloon's shares moved up 2.28 percent to Rs 188.65 on Bombay Stock Exchange.
 
In the previous trading session too, the stock rose 3 percent to close at Rs 184.45.