 "Future Retail hits 10% lower circuit after rallying 38% in 3 sessions")
Shares of Future Retail hit the lower circuit of 10 per cent at Rs 146.10 on the BSE on Tuesday in firm market. The fall comes after foreign portfolio investors (FPIs) sold 9.5 million equity shares of the company through open market on Monday.
The world’s largest sovereign wealth fund The Government Pension Fund Global sold 9.5 million shares, representing 1.75 per cent stake of Future Retail at Rs 158.61 per share on the NSE, bulk deal data show. The sovereign wealth fund held 12.35 million shares, or 2.28 per cent stake in the company at the end of June, shareholding pattern data revealed. The name of the buyers was not ascertained immediately.
In past three trading days, the stock had rallied 38 per cent from Rs 117 to Rs 162 on Monday. It has soared 62 per cent in nine trading days, as against 0.26 per cent rise in the S&P BSE Sensex till yesterday.
On Saturday, August 29, Reliance Industries (RIL) and Future Enterprises announced deal where Reliance Retail will acquire the retail & wholesale, logistics & warehousing business from Future Group.
“Future Enterprises will subsequently sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar,fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle (RRFLL), a wholly owned subsidiary of Reliance Retail Ventures(RRVL). It will also sell the logistics and warehouse business to RRVL by way of a slump sale. RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balance consideration by way of cash,” Future Group said in a press release. CLICK HERE TO READ FULL PRESS RELEASE.
Besides Future Retail, Future Enterprises and Future Lifestyle Fashions were down in the range of 2 per cent to 5 per cent on Tuesday. However, Future Supply Chain Solutions (Rs 166.50), Future Consumer (Rs 12.65) and Future Market Networks (Rs 29.10) gained in the range of 4 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.92 per cent at 38,984 points at 02:17 pm.
The world’s largest sovereign wealth fund The Government Pension Fund Global sold 9.5 million shares, representing 1.75 per cent stake of Future Retail at Rs 158.61 per share on the NSE, bulk deal data show. The sovereign wealth fund held 12.35 million shares, or 2.28 per cent stake in the company at the end of June, shareholding pattern data revealed. The name of the buyers was not ascertained immediately.
In past three trading days, the stock had rallied 38 per cent from Rs 117 to Rs 162 on Monday. It has soared 62 per cent in nine trading days, as against 0.26 per cent rise in the S&P BSE Sensex till yesterday.
On Saturday, August 29, Reliance Industries (RIL) and Future Enterprises announced deal where Reliance Retail will acquire the retail & wholesale, logistics & warehousing business from Future Group.
“Future Enterprises will subsequently sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar,fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle (RRFLL), a wholly owned subsidiary of Reliance Retail Ventures(RRVL). It will also sell the logistics and warehouse business to RRVL by way of a slump sale. RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balance consideration by way of cash,” Future Group said in a press release. CLICK HERE TO READ FULL PRESS RELEASE.
Besides Future Retail, Future Enterprises and Future Lifestyle Fashions were down in the range of 2 per cent to 5 per cent on Tuesday. However, Future Supply Chain Solutions (Rs 166.50), Future Consumer (Rs 12.65) and Future Market Networks (Rs 29.10) gained in the range of 4 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.92 per cent at 38,984 points at 02:17 pm.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%