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Pantaloon Retail gains on inking pact with L&T for merger of general insurance business

26 Mar 2013 Evaluate

Pantaloon Retail is currently trading at Rs. 114.00, up by 1.60 points or 1.42% from its previous closing of Rs. 112.40 on the BSE.

The scrip opened at Rs. 114.00 and has touched a high and low of Rs. 114.00 and Rs. 111.50 respectively.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 199.00 on 06-Dec-2012 and a 52 week low of Rs. 81.05 on 29-Mar-2012.

Last one week high and low of the scrip stood at Rs. 130.00 and Rs. 110.00 respectively. The current market cap of the company is Rs. 181 crore.

The promoters holding in the company stood at 51.45% while Institutions and Non-Institutions held 2.00% and 46.55% respectively.

Pantaloon Retail (India) has signed a non-binding term sheet with Larsen & Toubro (L&T) for merger of its insurance joint venture company Future Generali India Insurance Company (FGIICL) with L&T General Insurance Company (LTGI) and sale of partial stake to L&T and its other joint venture partner Participatie Maatschappij Graafschap Holland NV, a subsidiary of Assicuranzioni Generali S.P.A, in the merged entity.

The aforesaid transactions are subject to the receipt of the necessary approvals from governmental and regulatory authorities, including the CCI and the IRDA.

Post completion of the transaction, Future Group shall continue to hold 23% shares in the merged entity with the other shareholders being Participatie Maatschappij Graafschap Holland NV holding 26% and L&T holding 51% of shares in merged entity.

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