Market regulator Securities and Exchange Board of India (SEBI) has approved Kishore Biyani-led Future Retail's proposed rights issue to raise up to Rs.1,600 crore.
SEBI Wednesday said it gave its final observations Oct 10 on the draft offer documents submitted in July through issue lead manager Axis Capital Limited.
Rights issue involves issue of shares to existing investors as per their holdings at a pre-determined price and ratio.
Future Retail is in the organised multi-format retail business, with retail stores in food, fashion apparels, accessories and footwear, general merchandise, consumer durables and electronics.
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