Future Market Networks to acquire 50% stake in Future Retail Destination

From IL&FS Township and Urban Assets

Future Market Networks has executed a Share Purchase Agreement with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1,50,00,000 equity shares of Rs.10/- each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the Company upon completion of the transaction.

The total consideration payable by the Company under the SPA is Rs 14,00,00,000 (Rupees Fourteen Crore Only). In terms of the SPA, the Company has paid an amount of Rs.9,00,00,000/- (Rupees Nine Crore only) and the balance consideration of Rs. 5,00,00,000/- (Rupees Five Crore only) shall be paid on or before 30 September 2018.

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