RIL buys stake in Future Group for Rs. 24,713 crore by admin- Monday, August 31st, 2020 05:08:59 PM
Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries (RIL), has announced to gather the retail and wholesale business and the logistics and warehousing business from the Future Group on a stoop sale basis for lumpsum combination attention of Rs. 24,713 crore (concern to composite scheme of association between companies).
The acquisition calls for Future Group to merge sure organizations (Future Retail, Future Lifestyle, Future Consumer, Future Supply chain and Future Market Networks) into Future Enterprises Ltd (FEL). Additionally, Reliance Retail and Fashion Lifestyle Ltd would additionally invest Rs. 1,200 crore in the preferential problem of equity stocks of FEL to gather 6.1% % of submit-merger equity and Rs. 400 crore in a preferential issue of equity warrants which, upon conversion and charge of balance 75% of the problem fee, will bring about RRFLL obtaining in addition 7.05% of FEL.