JSA ELP and AZB lead on Warburgs acquisition of majority stake in Future Capital Pantaloon exits

US private equity firm Warburg Pincus has acquired 53.67 per cent stake in Future Capital Holdings (FCH) from Pantaloon Retail India and its wholly owned subsidiary Future Value Retail..J. Sagar Associates advised Pantaloon Retail India with a team led by M&A Partners Nitin Potdar and Rinku Bhiwandkar along with Senior Associates Ongmu Tshering and Puneet Shah..Economic Laws Practice advised FCH with a team led by Senior Consultant P.R. Ramesh along with Consultant Yogesh Chande..AZB & Partners advised Warburg Pincus with a team led by Mumbai Partner Essaji Vahanvati.According to the company press release, Warburg Pincus would infuse another Rs. 100 crore into FCH and will also make an open offer to the existing shareholders of FCH under the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011..According to Dealcurry, the company was warlier in talks with JP Morgan, KKR and Piramal Group to sell majority stake. The move is in line with Future Group’s strategy to exit non-core investments..FCH was set up Kishore Biyani and Sameer Sain, who was earlier with Goldman Sachs. FCH is engaged in the business of wholesale and retail financing..Future Group’s core retail business has a debt of over Rs. 5000 crore. The group wants to reduce its debt. Its first priority is to look at non-core retail businesses. It has a lot of non-core retail businesses. Some of them are prime investments, which are good for exit.