JPSML Copthall acquires stake in Indian clothing firm Future Retail

By VCPOST Staff Reporter

Feb 15, 2014 12:45 PM EST

JPMSL A/c Copthall Mauritius Investment purchased a 0.6% interest in Future Retail, which was formerly known as Pantaloon Retail, on Friday. The acquisition deal is valued at INR13.5 crore, according to Money Control.

The company acquired 14.65 lakh equity shares of Future Retail at INR91.88 apiece. The purchase was made on the National Stock Exchange. As of December 31 last year, Copthall owns a 1.64% interest in the clothing firm, the report detailed.

Meanwhile, the Reserve Bank announced on Wednesday that Flls' foreign shareholding in the firm has plunged under the prescribed threshold limit based on the RBI Policy. Therefore, RBI said the restrictions on the acquisition of shares of Future Retail were removed, the report explained.

According to Future Retail on Thursday, its net profit for the quarter ending December 2013 was INR22 crore. It had a loss of INR20.4 crore in the same period last year, Money Control reported.

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