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Board of Future Retail approves scheme of arrangement

Capital Market 

At meeting held on 06 December 2017

The Board of Future Retail at its meeting held on 06 December 2017 has approved the Scheme of Arrangement between Hypercity Retail and Future Retail. The Scheme provides for the demerger of retail business undertaking of Hypercity Retail into the Company and for reorganisation and reclassification of balance lying in the capital reserves account into securities premium account of the Company. Pursuant to the Scheme, no consideration shall be discharged by Future Retail since Hypercity Retail is a wholly owned subsidiary of the Company as on the Appointed Date.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 15:44 IST