The Board of Directors of PEFRL also approved the share entitlement ratio in relation to the demerger. Accordingly, upon the effectiveness of the Scheme of Arrangement and under its terms, the equity shareholders of Pantaloon Retail (India) Ltd (PRIL) will receive 1 (one) fully paid up equity share of Rs. 10 each in PEFRL for 5 (Five) fully paid up equity share(s) (including DVR equity shares) of Rs. 2 each held in PRIL.
The transaction will be executed as indicated:
The transaction is expected to be completed within six months, subject to the requisite statutory and regulatory approvals, including those from the stock exchanges under the listing agreement, shareholders, creditors, competition commission of India and the Hon’ble High Court of Judicature at Bombay.
The share entitlement ratio has been arrived at based on the recommendations of Deloitte Touche Tohmatsu India Pvt. Ltd. and Grant Thornton India LLP. Amarchand & Mangaldas & Suresh A. Shroff & Co. is the legal advisor to the transaction.
Aditya Birla Nuvo is a US$4.5 billion conglomerate. Over the years, it has made successful ventures into the sunrise sectors viz., Financial Services (Life Insurance, Asset Management, NBFC, Private Equity, Broking, Wealth Management and general insurance advisory), Telecom, Fashion & Lifestyle and IT-ITeS. Its manufacturing businesses are leading players in the sectors in which they operate viz Agri-business, Carbon Black, Insulators, Rayon and Textiles.
Aditya Birla Nuvo Limited (ABNL)