Pantaloon Retail (India) (PRIL) has rallied 5% to Rs 151 after Future Group Company announced merger of Future Value Retail, which houses Big Bazaar and Food Bazaar, with the company.
Future Value Retail, which is a wholly owned subsidiary of PRIL, which operates 148 Big Bazaar stores and 169 Food Bazaar stores, apart from other formats such as KB's Fair Price.
Meanwhile, the board of directors of Peter England Fashions and Retail Ltd (PEFRL), a wholly-owned subsidiary of Aditya Birla Nuvo Ltd, at its meeting held on Sunday, approved the scheme of arrangement for the demerger of ‘Pantaloons Format´ business into PEFRL.
Accordingly, the equity shareholders of PRIL will receive one fully-paid up equity share of Rs 10 each in PEFRL for five fully-paid up shares (including DVR equity shares) of Rs 2 each held in PRIL, the company said in a filing.
The stock of PRIL opened at Rs 145 and hit a high of Rs 152 on the BSE. A combined 2.2 million shares have changed hands on the counter in morning deals on both the exchanges. The stock of PRIL DVR has soared 14% to Rs 115, after opened at Rs 110 on the BSE.
