Shares of Future Capital Holdings rose more than 9 per cent in morning trade on the bourses today amid reports that Deccan Chronicle Holdings was acquiring a controlling stake in Future Group financial services firm for Rs 600-700 crore.
However, in a clarification issued to the BSE today, Pantaloon Retail (India) has denied any such transaction at this stage.
The scrip made a robust opening and jumped 9.18 per cent to touch a high of Rs 148 on the NSE. A similar trend was seen on the BSE, where the stock gained 8.53 per cent to an early peak of Rs 146.95. Later, the stock shed some of its gains and was trading at Rs 140.90, up 4.06 per cent on the BSE.
Meanwhile, shares of Deccan Chronicle — which opened on a weak note — recouped their losses within minutes of opening trade and were quoting 2.22 per cent higher than their previous close on the BSE at Rs 48.35 apiece.
As per media reports, the deal, estimated to be worth Rs 600-700 crore, has been concluded and is likely to be announced shortly. Pantaloon Retail had sold its entire stake in Future Capital Holdings, the reports said.
Pantaloon Retail (India) holds a 53.67 per cent stake in Future Capital.