Kishore Biyani's Future Lifestyle to buy 30% stake in e-tailer Koovs

The Future Group company will initially pick 24.8% stake in Koovs for $7.6 million

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 apiece, 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 today also announced the formal opening of a bookbuild to raise