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Published
Mar 30, 2020
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Future Retail denies stake sale by promoters

Published
Mar 30, 2020

Kishore Biyani-owned Future Group has issued a clarification stating that it does not intend to sell any stake in Future Retail.
 

Future Retail denies stake sale by promoters - Kishore Biyani- Facebook


The statement was issued following a news report stating that Future Group founder, Kishore Biyani, was planning to explore a stake dilution in Future Retail, after sales came to halt due to India’s lockdown and a ban on the delivery of non-essential goods coupled with high business’ debt.
 
The Future Group in its statement to the exchanges said: “With regard to stake sale by promoters, we wish to clarify that at present there are no such activities, which is in knowledge of the company.

“Further, with regard to fund-raising plans, the management does consider various options with regard to its funds planning at its various strategic meetings, however, so far no concrete proposal has been brought before the Board for consideration,” the statement added.
 
Future Retail operates more than 1,550 for its brands Big Bazaar, FBB, Easyday, Ezone, among others. The majority of its revenue is driven by the group’s supermarket chain, Big Bazaar, and fashion retail chain, Fashion at Big Bazaar.
 
For the financial year 2018-19, Future Retail had reported a net profit of Rs 733 crore ($102.7 million) on revenue of Rs 20,165 crore.

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