 "Pantaloons, AB Nuvo shares rise")
Shares of Pantaloons Fashion and Aditya Birla Nuvo went up 5.51% and 2% respectively after Aditya Birla group said that it is planning to merge Madura Garments, MGL Retail Undertaking, and Aditya Birla Retail with Pantaloons Fashion & Retail in a share swap deal.
In an informal guidance sought by Pantaloons Fashion from market regulator Sebi , Pantaloons said it will offer up to 20% of stake in tranches to new financial investors on the expanded capital after merger is over.
Pantaloons closed the day at Rs 118.70 and Aditya Birla Nuvo, closed at Rs 1701.30.
According to sources, private equity firms L Capital and Temasek are in a race to buy stake in the merged entity and the Birla group is looking to raise $ 500 million through the stake sale.