Future Lifestyle Fashions to raise over Rs 600 crore from promoters, IFC
Future Group-owned Future Lifestyle Fashions Limited (FLFL) has got the nod from the board to raise over Rs 600 crore ($83.8 million) from its promoters and International Finance Corporation (IFC).
The company will utilise the funds to enhance its stake in subsidiaries and debt reduction. The fundraise is also expected to simplify FLFL's operations and investment structures.
“The board approved issuance of 51,44,927 equity shares of face value of Rs 2 at an issue price of Rs 414 each, aggregating Rs 213 crore on preferential basis to International Finance Corporation (IFC), a member of the World Bank Group,” Future Lifestyle Fashions Ltd (FLFL) said, in a regulatory filing.
“Further, the board also approved the issue of 96,61,835 equity shares of face value of Rs 2 each at an issue price of Rs 414 per share totalling just a tad below Rs 400 crore on preferential basis to FQS Trading Pvt Ltd, a promoter group entity,” it added.
Future Lifestyle Fashions portfolio consists of fashion brands that cover sub-categories including formal menswear, casual wear, active and sportswear, women's ethnic wear, women's denim wear, women's casual wear, footwear, and accessories.
For the financial year 2018-19, FLFL had reported revenue of Rs 5,728 crore and profit of Rs 189 crore.
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