Kishore Biyani's Future Lifestyle to buy 29.9% stake in Koovs.com

Future Group is among India's leading consumer goods companies with brands and retail networks in the fashion, food and homeware segments

Kishore Biyani-led Future Lifestyle Fashions Limited has agreed to pick a 29.9 per cent stake in fashion e-tailer Koovs plc. This comes after Wal-Mart announced a deal to buy a significant stake in e-tailer Flipkart and Biyani questioning e-commerce business models.

Koovs will issue 57,876,600 new ordinary shares to Future Lifestyle at a price of 10 pence per share, representing 24.8 per cent of its enlarged issued share capital, for £5,787,660 (Rs 525 million, $7.6 million). Two representatives Future Lifestyle will join Koovs' Board of Directors in due course. 

In addition, Koovs also announced the formal opening of a bookbuild to raise