Aditya Birla Nuvo terminates issue of GDRs by Pantaloons

The Aditya Birla Nuvo board has approved termination of plans to issue GDRs by group firm Pantaloons Fashion and Retail (PFRL) as under a merger scheme to consolidate their branded apparel business due to regulatory issues. “However, based on discussions with such authority, it transpired that PFRL's application shall not be favourably considered as it is not permissible under the extant FDI policy and hence, the said application has been withdrawn by PFRL,” the company said in a BSE filing.