Press Trust of India / New Delhi Jun 22, 2009, 12:55 IST
Kishore Biyani-promoted Future Group is considering an initial public offering for its venture capital arm, Future Venture India Ltd, to raise funds for the group's expansion plans.
Some decision in this regard is likely to be taken within the next few weeks following which the company would file the prospectus with the market regulator SEBI, a senior Future group official said in an interview to a television channel.
"I think we have started looking at the mode of how we can go ahead with the IPO of Future Venture. Something is along the cards but it will take at least 30 days," Future Group CEO Kishore Biyani said.
He said the company is still working on the "final quantum of numbers" for the IPO.
"We believe in democratisation of equity in the country...We have some great plans on Future Venture but we are waiting to unfold it in the next few days," Biyani said.
About reports that Future Group is looking at raising a sum of around Rs 2,000 crore, he said: "It is too early for me to talk about it but we are looking at a little larger number."
The company is also open to foraying into new segments.
"We are also open to new business... So we are looking at some big ideas," he said.
Biyani said Future Group's financial services and supermarkets business have been affected by the slowdown.
"We have reduced our credit growth on consumer loans and personal loans. On the investment side, the company is doing quite well and making profit out of it," Biyani said, adding that the emphasis would be on "financial services and retail part of the business".
Future Group is also seeking the shareholders' and its boards' approval for realigning some of the businesses.
"We are seriously working on quite a few plans for realigning quite a few businesses...," Biyani said.
Asked about the plans for raising money for the company's retail arm, Pantaloon Retail, he said, "I think lot of things are happening at the same time (for raising the money). We are very close to doing some transaction there."
Future Group had earlier announced plans to raise Rs 1,000 crore for Pantaloon Retail.
Future Group has shown prudence in the fashion and fmcg sector. This is the reason of their robust long term growth, even during recession. I believe in their brands, and I strongly believe the company has great prospect. Their shares will be listed on 10th May. I have purchased the issues and I am sure I won't be disappointed.
Future Group is currently clocking a growth rate of 14%..I think dats incredible in dis period of depression. I have bought the shares am sure they will open with a bang on their listing on 10th May !!
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