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Future Retail hits 10% lower circuit after rallying 38% in 3 sessions

The Government Pension Fund Global sold 9.5 million shares representing 1.75 per cent stake of Future Retail at Rs 158.61 per share on the NSE on Monday.

Topics
Future Retail | Buzzing stocks | Reliance Industries

SI Reporter  |  Mumbai 

fbb, big bazaar, bazar, future group, enterprise, ril, reliance, fmcg, sale, customers

Shares of hit the lower circuit of 10 per cent at Rs 146.10 on the BSE on Tuesday in firm market. The fall comes after foreign portfolio investors (FPIs) sold 9.5 million equity shares of the company through open market on Monday.

The world’s largest sovereign wealth fund The Government Pension Fund Global sold 9.5 million shares, representing 1.75 per cent stake of at Rs 158.61 per share on the NSE, bulk deal data show. The sovereign wealth fund held 12.35 million shares, or 2.28 per cent stake in the company at the end of June, shareholding pattern data revealed. The name of the buyers was not ascertained immediately.

In past three trading days, the stock had rallied 38 per cent from Rs 117 to Rs 162 on Monday. It has soared 62 per cent in nine trading days, as against 0.26 per cent rise in the S&P BSE Sensex till yesterday.

On Saturday, August 29, (RIL) and Future Enterprises announced deal where Reliance Retail will acquire the retail & wholesale, logistics & warehousing business from Future Group.

“Future Enterprises will subsequently sell by way ofa slump sale the retail and wholesale business that includes key formats such as Big Bazaar,fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle (RRFLL), a wholly owned subsidiary of Reliance Retail Ventures(RRVL). It will also sell the logistics and warehouse business to RRVL by wayof a slump sale. RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balanceconsideration by way of cash,” Future Group said in a press release. CLICK HERE TO READ FULL PRESS RELEASE.

Besides Future Retail, Future Enterprises and Future Lifestyle Fashions were down in the range of 2 per cent to 5 per cent on Tuesday. However, Future Supply Chain Solutions (Rs 166.50), Future Consumer (Rs 12.65) and Future Market Networks (Rs 29.10) gained in the range of 4 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.92 per cent at 38,984 points at 02:17 pm.

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First Published: Tue, September 01 2020. 14:21 IST
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