Two funds managed by mutual fund house Franklin Templeton has acquired 8.49% stake in Pantaloons Fashion & Retail. As per closing price of RS 181.50 on the day of the transaction, the stake was worth Rs. 143 Cr. Franklin Templeton has acquired 7,879,902 equity shares in Kumar Mangalam Birla-led Aditya Birla Nuvo Ltd (ABNL) firm, the company said in a filing to the BSE. The transaction took place on 2nd July, 2015. It further informed that out of the total transaction, 4,784,239 shares of Pantaloons Fashion & Retail were acquired by Franklin India High Growth Companies Fund and the rest 3,095,663 shares by Franklin India Prima Fund.
Kishore Biyani of the Future Group had ceded control of the 65 store-strong retail network of Pantaloons Fashion & Retail to the Kumara Mangalam Birla led Aditya Birla Nuvo more than two years back. For the fourth quarter of fiscal 2015, Pantaloons Fashion had posted net sales at Rs 450.51 crore, up 12.5 per cent over the same quarter of fiscal 2014. The fashion retailer also was able to reduce net loss to Rs 63.78 crore in the same quarter as against net loss of Rs 70.75 crore in the fourth quarter of its prior fiscal. (AR). Earlier last month, in a bid to capitalize large market presence in branded fashion space, Aditya Birla Nuvo had announced the consolidation of its branded apparel business under its subsidiary – Pantaloons Fashion & Retail Limited. The branded apparel business of Aditya Birla is housed under Madura Fashion and Madura Lifestyle that was to be demerged into Pantaloons Fashions.
Pantaloons Fashion & Retail Limited is a lifestyle apparel company. The Company operates in three segments: Men’s wear, Women’s wear and Kids Wear. The Company sells approximately 400 brands, which comprise a mix of private labels, licensed brands and other brands. The comprise brands owned by the Company through, Akkriti, Rangmanch, Ajile, Annabelle, Trisha, Honey and Chalk.