Pantaloon to be renamed Future Retail

Pantaloon Retail, India's biggest retail group, plans to change its name to Future Retail India Ltd, it said, following the spinoff announced earlier this week of its Pantaloons clothing retail chain from the broader business.

Also on Thursday, Pantaloon Retail said it sold a 4 percent stake in the company for 2 billion rupees to Bennett, Coleman & Co Ltd, which owns the country's biggest-selling English newspaper, through the issue of 8.16 million preferential shares at 245 rupees a share.

Pantaloon Retail, controlled by tycoon Kishore Biyani's Future Group, owns hypermarkets under the Big Bazaar brand, the E-zone electronics chain and lifestyle retailer Central.

Earlier this week Aditya Birla Nuvo Ltd said it plans to acquire a controlling stake in Pantaloon Retail's clothing retail chain.

Under the transaction, Aditya Birla Nuvo will subscribe to convertible debentures worth 8 billion rupees issued by Pantaloon Retail which will be converted into equity on completion of the spin-off process.

Pantaloon Retail shares closed 1.1 percent higher at 184.90 rupees on Thursday in a weak Mumbai market.