Kishore Biyani's Future Group has announced that it would be selling its stake in Future Capital Holdings to Warburg Pincus India Pvt Ltd in a cash deal worth Rs 692 crores.
The cash is expected to enable the Future Group's retail arm Pantaloon Retail to reduce its debt. “It will help us exit from none core businesses,” the company said in a statement.
The deal is a welcome move for Pantaloon, which has a staggering debt in excess of Rs 5000 crores. Shares of Pantaloon Retail moved up smartly and were up more than 4% in trading today.
Analyst might continue to re-rate the stock given the constant move by the group to pare down its debt.
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