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Majority stake: Aditya Birla Nuvo will infuse Rs.1,600 crore in Future Groups Pantaloons department retail chain business.
As part of the deal, the apparel and fashion retail stores under the Pantaloons format will be spun off from Pantaloon Retail, which is part of the Future group, into a separate entity. Post this deal, ABN will have a minimum 50.01 percent stake in the newly created entity post the open offer. However, Kishore Biyanis Future group will continue to have around 25 percent in the de-merged entity. ABNL, which owns apparel brands such as Louis Philippe and Allen Solly, said it will infuse Rs.1,600 crore in the Pantaloons department retail chain business by issuing debentures worth Rs. 800 crore at mutually agreed terms and taking on debt of Rs. 800 crore. The separation will help PRIL, which had debt of Rs. 5,800 crore as of December 2011, reduce this amount by Rs. 1,600 crore, according to a PRIL statement. Rakesh Biyani, managing director at PRIL, and Kailash Bhatia, an executive director at the firm, will continue to manage the Pantaloons chain.
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