8 357
Fashion Jobs
SHINE
Senior Account Manager - Paid Search
Permanent · CHENNAI
SHINE
Social Media & Ecommerce Manager
Permanent · HYDERABAD
BENCHMARK SERVICES
Area Sales Manager - Sme Lap With Top Nbfc Company
Permanent · AHMEDABAD
GENIUS CONSULTANTS
Opening For Territory Sales Manager OR Area Business Manager
Permanent · NASHIK
TALISMAN HR SOLUTIONS
Area Sales Manager (Transportation & Logistics Company)
Permanent · AHMEDABAD
AUXIN RECRUITMENT CONSULTANTS
Area Sales Manager | Lap | Hyderabad
Permanent · HYDERABAD
BERGER PAINTS
Area Sales Manager Wood Coating
Permanent · ROHTAK
360 REALTORS
Hiring -Team Leader/ Sales Manager / Relationship Manager| Pune
Permanent · PUNE
LEVI'S
Senior Supply Planner
Permanent · BENGALURU
ADIDAS
Manager -Tech Infrastructure
Permanent · CHENNAI
ADIDAS
Senior Specialist - Finance Operations FP&A
Permanent · CHENNAI
ADIDAS
sr. Manager Merchandising Ecommerce - em Hub
Permanent · GURUGRAM
ADIDAS
sr. Manager- DPC Partner Program
Permanent · GURUGRAM
L'OREAL GROUP
Online Brand Manager
Permanent · MUMBAI
L'OREAL GROUP
Retail And Education Manager - Ysl
Permanent · MUMBAI
JCPENNEY
Senior Manager
Permanent · BENGALURU
DAMYAA PJ FOODS
Area Sales Manager/Regional Sales Manager
Permanent · ROHTAK
ON TIME SOLUTIONS
Branded Fmcg Company Opening For Area Sales Manager in North Kerala
Permanent ·
HECTOR AND STREAK CONSULTING
Sales Engineer / am / Manager - Ups
Permanent · MUMBAI
HDFC LIFE
Hiring For Associate Area Manager-Abp Channel
Permanent ·
SAHAJ PHARMA
Production in Charge - (Synthetic Iron Oxide Pigment)
Permanent · DAHEJ
STONELAM SURFACES LLP
Area Sales Manager- Project Sales
Permanent · CHENNAI
Published
Mar 27, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Kishore Biyani plans Future Retail stake sale to tide over liquidity problems

Published
Mar 27, 2020

Future Group founder Kishore Biyani plans to explore a stake dilution in Future Retail after sales have ground to a halt, due to India’s lockdown and ban on delivery of non-essential goods, and the company’s debt mounts.

Kishore Biyani is expected to reduce his stake in Future Retail - Kishore Biyani- Facebook

 
Biyani’s holding company Future Corporate Resources Private Limited defaulted on its debt repayments earlier in the week, ET Bureau reported. This, coupled with with a downturn in sales from some of Future Retail’s brands, has necessitated that Biyani reduce his stake in Future Retail.
 
“There will be zero cash flow, possibly for another month, putting further pressure on the share price,” a source told ET Bureau.

“Biyani will have to either pledge more shares at low value to meet the lender's requirements or pay the difference between value of shares when it was pledged and the current market price.”
 
Future Retail, which runs fast moving consumer goods chain BigBazaar, controls a large share of India’s supermarket sector. The business has seen its share prices consistently decline and holding company FCRPL has debt repayment obligations of Rs 1045 crore ($141.47 million) for the next two years putting the business in a difficult situation. FRCPL has been downgraded by ratings firm ICRA to ‘junk’ statues due to the amount of debt owned by its promoter entities. 
 
The entire world economy has felt the effects of coronavirus and the shut downs global governments are enforcing in a bid to halt its spread. For a business like Future Group which was already grappling with debt, the pandemic has only exacerbated the issue.

Copyright © 2024 FashionNetwork.com All rights reserved.