Future Capital Holdings (FCH), the financial arm of Kishore Biyani’s Future Group (earlier known as Pantaloon Retail), has filed for the draft red herring prospectus with market regulator SEBI. The company plans to issue 6.42 million equity shares of Rs 10 each (at a price decided to be in a book building process), which is about 10.16 per cent of the equity of the company. It may raise about Rs 300 crore and Rs 350 crore from the issue, reports Business Standard. Kotak Mahindra Capital, Enam Securities, J M Financial and UBS are the book running lead managers to the issue.
FCH was incorporated in 2005, and is headed by Sameer Sain, former head of Goldman Sachs in London. Pantaloon holds 74 per cent stake in the company, while the hedge fund Och Ziff Capital holds 10 per cent. The rest is owned by by co-promoter Sameer Sain and other senior employees such as Atul Kapur and Shishir Baijal. UBS Investment has valued FCH at around Rs 3,000 crore. Pantaloon’s stake is thus valued at Rs 2,200 or Rs 140 a share, says BS.
FCH has four lines of business - the consumer credit business of the company (Future Money), the investment advisory and asset management, retail financial services and research. The asset management business has four funds under management such as Kshitij ($850 million domestic real estate fund); Horizon ($350 million international real estate fund); Indivision ($400 million non-leveraged private equity fund); and a new Hospitality fund ($350 million).

Posted on 09/29/07, 12:11 PM
in: Capital Markets, Private Equity
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