Pantaloon Retail (India) is trading higher by 2.3% at Rs 189 after the debt-ridden company said that it is planning to sell its 22.5% stake in Future Generali Life Insurance to Mumbai-based non-banking finance company Industrial Investment Trust Ltd (IITL).
â€œPantaloon Retail (India) has entered into Share Purchase Agreement (SPA) with IITL to sell its part holding in Future General India Life insurance Company Limited (FGILICL) representing 22.5% of the equity share capital of FGILICL,â€ the company said in a regulatory filing.
The transaction is subject to the receipt of the necessary approvals from government and regulatory authorities, including the CCI, the IRDA and the RBI, it added.
However, the company has not disclosed the deal size or the valuation at which the stake sale will happen.
The stock opened at Rs 186 and hit a high of Rs 189 on BSE. A combined 2.23 million shares have changed hands on the counter so far on BSE and NSE.
Shares of IITL, on the other hand, locked in upper circuit of 5% at Rs 114 on BSE with no sellers on the counter.