Future Capital Holdings, the financial arm of the Kishore Biyani-owned Pantaloon Retail, is tapping capital market to raise funds. The board of directors of Pantaloon Retail has taken a decision to go public. Pantaloon Retail owns 74 per cent stake in Future Capital, while a 10 per cent stake is held by hedge fund Och-Ziff Capital, and the rest by employees including CEO Sameer Sain.
At a meeting held on Saturday, the board of Pantaloon Retail decided that the IPO of the Future Capital holdings Ltd would seek to sell 10 per cent of the post issue capital. The company has made a stock exchange announcement today to this effect. UBS Investment recently valued the business of Future Capital to be around Rs 3,000 crore.
Future Capital operates four private equity funds - Kshitij ($850 million domestic real estate fund), Horizon ($350 million international real estate fund); IndiVision Capital ($400 million consumer sector private equity fund), besides a $350-million private equity fund. Future has also launched a consumer credit business.
The board has also approved an investment of Rs. 325 crore in Pantaloon Future Ventures Ltd, a wholly owned subsidiary of the company for making downstream investment into Future Ventures India Ltd. which has been set up to undertake new businesses, incubation of new ideas and businesses and getting into joint ventures, the stock exchange announcement said.
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