The Hindu Business Line : Goldman Sachs buys 3.35 pc in Pantaloon

GOLDMAN Sachs Investments (Mauritius) has acquired 3.35 per cent stake in Pantaloon Retail (India). With the latest acquisition Goldman's holding in the company has gone up to 8.05 per cent, highest amongst the domestic funds and overseas investors. Goldman bought over the entire stake of Lloyd George Investment Management (Bermuda) at a price of Rs 237 per share on March 16.

The share holding pattern on December 31, 2003 showed that Goldman held 4.7 per cent, American Funds Insurance Series 5.52 per cent, Alliance Capital MF 3.69 per cent, T Rowe Price International 2.05 per cent, Tata TD Trustee 1.9 per cent, Arisaig Partners (Asia) 1.83 per cent, SBI MF 1.52 per cent and Frank Russel Investment 1.36 per cent.

The promoters (Biyanis) held 39.53 per cent, lowest since March 31,2003, when they held 51.94 per cent in the company.

This was despite allotment of 9.53 lakh shares to the promoters towards the end of last year. However, the first tranche of conversion of FCDs on October 10 this year would result in 9,53,335 shares for the promoters. The second tranche of conversion in April 10, 2005 would add up another 9,53,335 shares for the promoters. The last equity allotment and FCD conversion to cost the promoter group a premium Rs 102 per share of Rs 10 each.

The stock today closed at Rs 239.80, down 0.08 per cent. It has seen its 52-week low at Rs 42.10 and peak at Rs 313.80. Mr Nikhil Vora of SSKI felt the company had immense growth potential. However, he thought that possibility the Government permitting FDI in the retailing business in the near future had nothing to do with present FII interest in the stock.

According an industry source, FII interest and handsome premium for the stock stem from the fact that there are a very few listed entities in the retailing space. "However, if FDI door is opened, domestic retail chains will have a very difficult time as they are still poor in micro-management of cost," he added.

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