Pantaloons Fashion Fixes Record Date for Scheme of Merger

Pantaloons Fashion & Retail Ltd today said it has fixed January 21 as the Record Date for determining the entitlement of the equity shareholders of Aditya Birla Nuvo Ltd upon merger of Aditya Birla Group's apparel businesses.

"The Board has fixed Record Date as January 21, 2016 in terms of the scheme, for determining the entitlement of the equity shareholders of Aditya Birla Nuvo Ltd to receive...fully paid up equity shares of...Pantaloons Fashion & Retail Ltd," Pantaloons Fashion & Retail Ltd said in a BSE filing.

In May last year, in a major consolidation exercise, Aditya Birla Group merged its apparel businesses into a Rs 5,290 crore entity named Aditya Birla Fashion and Retail (ABFRL), which will be the largest pure-play fashion lifestyle company in the country.

Under the scheme of arrangement approved by the boards of respective companies, the apparel businesses of group holding company Aditya Birla Nuvo (ABNL) and of another group firm Madura Garments Lifestyle Retail Company Ltd (MGLRCL) would be demerged into listed firm Pantaloons Fashion & Retail Ltd (PFRL).

The new entity will have a retail network of 1,869 exclusive stores. According to analysts, the combined entity will have a revenue of over Rs 6,000 crore.

According to the swap-ratio, shareholders of ABNL will get 26 new equity shares of PFRL for every 5 equity shares held in ABNL, pursuant to the demerger of Madura Fashion.

Shareholders of MGLRCL will get 7 new equity shares of PFRL for every 500 equity shares held in MGLRCL, pursuant to the demerger of Madura Lifestyle.

Preference shareholder of MGLRCL will get 1 new equity share of PFRL.

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