Future Lifestyle to raise Rs 175 cr from preferential issues

Future Lifestyle Fashions (FLFL) today said its board has approved issue of equity shares as well as compulsory convertible debentures (CCDs) on preferential basis to raise nearly Rs 175 crore.
"The Board has approved issue of 1,59,34,065 equity shares of face value of Rs 2 each at a price of Rs 91 per equity share aggregating to Rs 144.99 crore on preferential basis to Ryka Commercial Ventures Pvt Ltd, a member of the promoter group of the company," Kishore Biyani-led company said in a BSE filing.
The filing added that the board has also approved "issue of 32,96,700 compulsory convertible debentures (CCDs) of face value of Rs 91 each aggregating to Rs 29.99 crore on preferential basis to Arlette Infrastructure Pvt Ltd, a member of the promoter group of the company."

Each CCD will be convertible into one equity share of Rs 2 each as fully paid-up on April 1, 2015, the company said.
Shares of the company today closed at Rs 90.30 apiece, up 1.18 per cent from the previous close on BSE.