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Published
Apr 24, 2019
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Future Retail gets CCI approval to raise Rs 2,000 crore

Published
Apr 24, 2019

Future Retail, the retail entity of the Future Group has raised around Rs 2,000 crore ($286.7 million) through issue of warrants to its promoter group entity on a preferential basis.
 

Future Retail gets CCI approval to raise Rs 2,000 crore - Photo: Future Group's FBB brand


With this, the shareholding of the promoter and promoter group in Future Retail Limited was 47 percent at the end of March 2019.
 
The fund raise has got the approval from the country’s fair trade regulator Competition Commission of India (CCI). The total aggregated value of funds raised through issuance of warrants is Rs 1,999.99 crore.

“The committee of directors of the company has inter-alia considered and allotted 3,96,03,960 equity warrants at a price of Rs 505 per warrant, each convertible into or exchangeable for one equity share of face value of Rs 2 each to Future Coupons Ltd, a promoter group entity, on preferential basis,” Kishore Biyani-led company said in a regulatory filing.
 
Future Retail is also currently in talks with e-commerce major Amazon for a stake sale. With the latest move by Future Retail it looks like the deal will finally get materialised and executed in the coming months.
 
Future Retail is the highest revenue generator for the Future Group and has around 286 Big Bazaar stores, 89 FBB stores and 1,050 small format stores spread across the country. It had reported a total income of Rs 18,489 crore ($2.8 billion) for the last financial year.

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