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Last Updated : Aug 22, 2012 11:18 AM IST | Source: Moneycontrol.com

Pantaloon Retail slips 3% after CCI rejects Birla deal

Shares of Pantaloon Retail, the flagship company of Future Group, fell 3% intraday on Wednesday after the Competition Commission of India has rejected the notice seeking the nod for the Aditya Birla - Pantaloon deal yesterday.

 
 
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Shares of Pantaloon Retail, the flagship company of Future Group, fell 3% intraday on Wednesday after the Competition Commission of India has rejected the notice seeking the nod for the Aditya Birla - Pantaloon deal yesterday.


According to CCI, the submission made by these two companies triggers the provisions of Section 6 of the Competition Act. That requires a company to seek CCI’s approval post a merger. It doesn't not hold true right now because so far only a memorandum of understanding has been signed by these companies and the boards' approval has not been taken.


On July 16, when these companies had approached the Competition Commission of India, by then a board resolution had not been passed and duly communicated to the Competition Commission of India.


But in future once the board of these companies respectively approve proposals, they will be free to approach the Competition Commission of India once again to seek its approval.


At 09:57 hours IST, the share was trading at Rs 162.25, down 2.02% with volumes of 1,53,511 equity shares.
 
Market capitalisation of the company currently stands at Rs 3,757.43 crore.

On Tuesday, the share rallied 3.89% to close at Rs 165.60.

First Published on Aug 22, 2012 10:09 am
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