Future Retail jumps after raising funds by issuing NCDs

Future Retail rose 3.16% to Rs 102.95 at 10:10 IST on BSE after the company said it raised Rs 600 crore by issuing secured redeemable non-convertible debentures.

The announcement was made after market hours yesterday, 6 April 2015.

Meanwhile, the BSE Sensex was up 58.76 points, or 0.21%, to 28,563.22.

On BSE, so far 71,000 shares were traded in the counter, compared with an average volume of 3.85 lakh shares in the past one quarter.

The stock hit a high of Rs 105 and a low of Rs 100.35 so far during the day. The stock hit a 52-week high of Rs 151.50 on 3 February 2015. The stock hit a 52-week low of Rs 80.60 on 1 December 2014.

The stock had underperformed the market over the past one month till 6 April 2015, falling 4.18% compared with 3.21% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 3.15% as against Sensex's 5.62% rise.

The mid-cap company has an equity capital of Rs 77.66 crore. Face value per share is Rs 2.

Future Retail said that its committee of directors approved and allotted 6,000, 10.25% secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 600 crore, on private placement basis. The said NCDs shall be listed on wholesale debt market segment of BSE. These NCDs have been rated CARE AA- (Double A minus) by Credit Analysis & Research (CARE).

Net profit of Future Retail declined 75.53% to Rs 5.32 crore on 14.92% rise in net sales to Rs 2616.03 crore in Q3 December 2014 over Q3 December 2013.

Future Retail owns and operates retail stores. The company, through subsidiaries, offers a wide cross-section of products to consumers via its supermarket, hyper-market, mall, electronic store, and homeowner chains. Future Retail serves buyers, sellers and manufactures throughout India.

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