Cloverdell Investment Ltd, an affiliate of Warburg Pincus, will pick up a maximum of 53.67 per cent stake in Future Capital Holdings Ltd in two tranches.
The acquirer would pay Rs 162 per share which is about Rs 15 more than the current market price of the scrip.
In a communication to the stock exchanges, Pantaloon Retail (India) Limited and its wholly owned subsidiary Future Value Retail Limited said that they had entered into a Share Purchase Agreement (SPA) with Cloverdell Investment Ltd (one of the affiliated entity of Warburg Pincus,) to sell their stake in Future Capital Holdings Limited (FCH) in two tranches representing a maximum of 53.67 per cent but subject to a minimum of 40 per cent of the equity. The acquisition would be made at Rs 162/ per share. FCHL was a non deposit accepting registered NBFC listed on BSE and NSE.
The SPA and resolution passed by FCH Board to make preferential allotment of equity shares and / or convertible securities of around Rs. 100 crore to purchaser will require the acquirer to make an open offer under the SEBI regulations.
In the BSE, the shares of FCHL were trading at Rs 143.20, up by 4.53 per cent over the previous close.