Bangalore: On Wednesday, Pantaloon Retail (India) Ltd. denied a report that said the company had closed a deal with Deccan Chronicle Holdings Ltd. to sell its stake in Future Capital Holdings Ltd. and a further deal to sell its insurance business.
The retailer informed the stock exchanges that it denies any such transaction at this stage, the reports said.
Pantaloon’s statement comes in response to a report, which cited unspecified sources as saying that, the retailer’s stake in Future Capital will be bought by Deccan Chronicle for 6 billion rupees ($117 million) to 7 billion rupees.
The report had also said that Pantaloon’s 26% stake in Future Generali Life, a joint venture with Italy’s Generali Group will be picked up by The Industrial Investment Trust for 2.5 billion rupees to 3 billion rupees.
Pantaloon grasps 53.67% of Future Capital whereas Kishore Biyani, who runs the retailer’s parent Future Group, holds a 7.37% stake in his capacity, according to latest stock exchange data.