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3 FIIs pick 4.6% promoters' stake in Pantaloon Retail

Virendra Verma

Mumbai , Nov. 12

EVEN as Pantaloon Retail is making a preferential issue to the promoters of the company at Rs 112 per share, the promoters have sold their 4.6 per cent stake in the open market for about Rs 275 per share last week.

The shares have been picked by three FIIs - T Rowe Price, Capital International and Llyod George. Sources said these FIIs have purchased the shares from the promoters on November 4.

At the board meeting held on November 11, the board approved allotment of 9,53,000 equity shares at Rs 112 per share to promoters and associates. It also approved allotment of 10 per cent 2,13,547 unsecured fully convertible debentures (FCDs) of Rs 1,000 each convertible into equity shares in two tranches within 18 months from the date of allotment of FCDs.

The first tranche of conversion of FCDs would take place on October 10, 2004, which would result in 9,53,335 equity shares at Rs 112 per share, and the second will take place on April 10, 2005 (for 9,53,335 equity shares) at Rs 112 per share.

Earlier this week, the promoters informed the stock exchanges about the sale of their 4.67 per cent (8.5 lakh shares) stake. In July this year, the promoters had sold around 10 per cent stake (around 18-19 lakh shares) in the open market and these shares were bought by various mutual funds and FIIs for about Rs 96-97.

The buying by FIIs and mutual funds has already pushed the stock price of the company from Rs 60 in June this year to current ruling market price of Rs 270 on BSE.

Following the stake sale, the promoters' holding has come down from 51.95 per cent in June 2003 to 41.04 per cent in September 2003.

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