Future Lifestyle Fashions wins shareholders' approval to raise funds through equity shares
today Aug 28, 2019
Future Lifestyle Fashions’ shareholders have given the business the go-ahead to raise Rs 300 crore ($45 million) by issuing equity shares to Apollo India Private Equity IV Ltd on a preferential basis.
Future Lifestyle Fashions plans to raise Rs 300 crore through issuing equity shares, the Press Trust of India reported. The business held a general meeting on August 26 and gained 99.99% approval from its shareholders on the matter.
The business can now issue a total of 64.79 lakh equity shares at the face value of Rs 2 each at an issue price of Rs 463 per equity share to Apollo India. Future Lifestyle Fashions also gained approval to increase its investment limit at the meeting, according to a regulatory filing accessed by the Press Trust of India. Limits for giving loans and guarantees and providing security were also increased.
At the end of last month, the private equity firm Blackstone invested $250 million (Rs 1,663 crore) in Future Group’s Future Lifestyle Fashions. The business revealed that it will use the capital to help to fund Brand Factory’s capital expansion. Future Lifestyle Fashions houses international clothing brands including Lee Cooper, Converse, Umbro, Spunk, and John Miller among others.
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