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Future Retail provides update on composite scheme of arrangement

Capital Market 

To allot 1.78 crore equity to shareholders of Heritage Food Retail

Future Retail announced that the National Company Law Tribunal on 10 May 2017 had approved the Composite Scheme of Arrangement amongst (transferor company) and Retail (transferee company) and Future Retail (resulting company). The Scheme has been made effective by filling the NCLT Order on 19 May 2017 with the Registrar of Companies.

Pursuant to the Scheme becoming effective, the retail business undertaking of Heritage Food Retail stands transferred to and vested in the Company with effect from 31 March 2017. As provided in the scheme, the Company shall issue 178,47,420 equity of Rs 2 each on proportionate basis to Heritage Food Retail on the record date to be decided by the Board of Directors of Heritage Food Retail.

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

First Published: Sat, May 20 2017. 13:29 IST