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PANTALOON RETAILADITYA BIRLA NUVORETAILAPPARELCORPORATE NEWS

Aditya Birla to buy Pantaloons retail chainAditya Birla to buy Pantaloons retail chainSapna Agarwal

First Published: Tue, May 01 2012. 12 28 AM IST

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2/9

Kishore Biyani: Finally taking solace in growth

Majority stake: Aditya Birla Nuvo will infuse Rs 1,600 crore in Future Groups Pantaloons department retail chain

business. Ramesh Pathania/Mint

Updated:Tue, May 01 2012. 12 28 AM IST

Mumbai: Aditya Birla Nuvo Ltd (ABNL), a unit of the $28 billion (Rs.1.5 trillion) Aditya Birla Group, will

acquire a majority stake in the Pantaloons retail chain of debt-laden Pantaloon Retail (India) Ltd

(PRIL), Indias largest listed retail company by revenue.

The proposed transaction, which will help the Future Groups PRIL pare debt, is likely to be

completed within 8-10 months, subject to the scheme of arrangement being finalized, due diligence,

and statutory and other approvals, ABNL said in a statement.

Future Group founder Kishore Biyani has been looking to reduce debt thats been accumulated byrapid expansion as PRIL has sought to build scale rapidly. Meanwhile, the intense political

opposition to foreign direct investment in multi-brand retail has meant that any plans of selling stakes

to overseas retail companies had to be shelved.

The new, separated unit will eventually become a subsidiary of ABNL, the other units of which

include Madura Fashion and Lifestyle, and Jaya Shree Textiles.

The separation will help PRIL, which had debt of Rs 5,800 crore as of December 2011, reduce this

amount by Rs 1,600 crore, according to a PRIL statement.

Majority stake: Aditya Birla Nuvo will infuse Rs 1,600 crorein Future Groups Pantaloons department retail chain

business. Ramesh Pathania/Mint

This deal is being done to reduce debt as non-core

business transactions like Future Capital are taking
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3/9

some time to finalize, said Abhishek Ranganathan of MF Global Sify Securities India Pvt. Ltd.

On Monday, ABNL, which owns apparel brands such as Louis Philippe and Allen Solly, said it will

infuse Rs 1,600 crore in the Pantaloons department retail chain business by issuing debentures

worth Rs 800 crore at mutually agreed terms and taking on debt of Rs 800 crore.

An investment banker, who did not want to named, said it wouldnt be possible to compute the value

of the deal till the mutually agreeable terms are made public.

After the separation, the debentures will be converted into equity shares of the resulting entity, ABNL

said in the release. PRIL will hive off the Pantaloons chain.

ABNL will make an open offer for a minimum 26% to the shareholders of the resulting unit. After its

listing and on conversion of the debentures into equity, ABNLs holding will be a minimum 50.01%.

The resulting unit will become a subsidiary, ABNL said in the statement.

Rakesh Biyani, managing director at PRIL, and Kailash Bhatia, an executive director at the firm, will

continue to manage the Pantaloons chain. A Fashion Council will be set up, comprising the

leadership teams of Aditya Birla Groups Madura Garments and Future Group, to aid and advise the

management with the objective of fully leveraging the strengths of Madura Garments and

Pantaloons.

JM Financial Ltd acted as the sole financial adviser to the transaction, PRIL said in the statement.

Future Group, which has retail businesses under PRIL in food, fashion, home and consumer

electronics, besides other segments such as financial services, has been looking to reduce debt.

This announcement is just the first in a series of announcements that will happen over the next

couple of months by June which will see the debt reduce, a company spokesperson said.

Pantaloons is present in 35 cities with 65 stores and 21 factory outlets covering a total retail space of

more than 2 million sq. ft. It is expected to post sales of around Rs 1,700 crore by the end of the

fiscal year in June 2012, PRIL said in the release. Shoppers Stop Ltd, which runs the Shoppers Stop

department store chain, crossed revenue of Rs 2,000 crore in fiscal 2012 with a footprint of 50

outlets.

The origin of PRIL can be traced back to 1987, when Kishore Biyani founded Manz Wear Pvt. Ltd to

manufacture trousers bearing the brand name Pantaloon. It went public in 1991 and changed its

name to Pantaloon Fashions in the same year, and to Pantaloon Retail in 1999.

Over the last one year, the market capitalization of PRIL has eroded by Rs 1,598.72 crore, from Rs

5,793.06 crore to Rs 4,194.34 crore.


4/9

PRIL shares jumped 9.25% to close at Rs 187.75 each, while ABNL shares rose 0.26% to end at Rs

933 apiece on BSE. The benchmark Sensex gained 0.76% to close at 17,318.81 points. In the last

one year, PRIL has lost 31.69% and ABNL has gained 6.99%.

Earlier this year, the Aditya Birla Group undertook a management recast at food and groceries

business Aditya Birla Retail Ltd, as it looked to cut losses by shutting down more than 10% of its

unviable supermarket stores run under the brand name More. The revamp saw Madura Fashion

chief executive officer (CEO) Pranab Barua replacing Thomas Varghese as CEO of Aditya Birla

Retail in early March. Varghese has taken over as head of Jaya Shree Textiles.

This marks a unique coming together of brands and enterprise that will create significant value for

customers, suppliers and all stakeholders, said Kishore Biyani, who is also group CEO of Future

Group, the parent of Pantaloons.

The proposed acquisition is in line with our strategic intent to be on the top of the league and to

create the largest integrated branded fashion player in the country through an extension into the

value segment. This acquisition will catapult ABNL to the pole position in the branded fashion space

in all the segments with a pan-India presence, said Kumar Mangalam Birla, chairman of ABNL.

First Published: Tue, May 01 2012. 12 28 AM IST

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5/9

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6/9

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7/9

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8/9

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MUMBAI, APRIL 30:

Pantaloon Retail India Ltd (PRIL) is de-merging its apparel and accessories business. The company,which is part of Kishore Biyani's Future Group, operates the pantaloon format' business through 65stores and 21 factory outlets. This will now be hived off to a new company that will be listed on boththe BSE and the NSE.

Aditya Birla Nuvo (ABNL) will pick up a majority stake in the new company. It will subscribe to

debentures amounting to Rs 800 crore issued by Pantaloon in the hived-off company. On completionof this process, the debentures will convert into equity in the new entity. The move is expected toreduce Pantaloon's huge debt burden by Rs 1,600 crore

Pantaloon Retail will retain a minority stake in the new company and continue to manage it.

OPEN OFFER

According to officials at the Future Group, Aditya Birla Novo, through its group company, MaduraFashion & Lifestyle, is expected to pick up to 50.01 per cent stake in the new company. This isexpected to trigger an open offer.

Pantaloon Retail shareholders would be holding another 25 per cent stake in the company.Pantaloon Retail would offload Rs 800 crore debt from its balance-sheet into the new company. Atthe same time Aditya Birla would invest Rs 800 crore into the new company.

ABNL's Rs 1,145-crore Madura Fashion & Lifestyle has brands such as Louis Philippe, Van Heusenand Peter England.

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