Future Ventures listing likely in March next year: Biyani

Future Group will hit the market by March next year with an initial public offer for its investment arm, Future Ventures, but the amount sought to be raised will be much lesser than the previously planned Rs 1,000 crore.

Future Group CEO Kishore Biyani said that the group is working to revive the Draft Red Herring Prospectus (DRHP) after the previous one expired on September 3 this year.

"Yes, that is already on the cards (around Diwali)," he said when asked if the DRHP for Future Ventures is being revived.

He, however, did not disclose the percentage of promoter holding to be diluted or the amount sought to be raised through the IPO.

Biyani had, however, last week said the amount to be raised from the capital market would be less than Rs 1,000 crore as was planned earlier.

Asked if the listing of Future Ventures could materialise before the end of the fiscal, Biyani said, "yes, that is a possibility. But we can look at some other possibilities also." However, he did not elaborate what the other options were.

Future Ventures had received the Securities and Exchanges Board of India (Sebi) approval for an IPO on September 4, 2008. As per the regulations, a company has to hit the capital markets within 12 months of receiving the nod.