For aggregate consideration of Rs 44.39 croreFuture Consumer has executed definitive agreements on 29 September 2018 to sell its stake in Amar Chitra Katha (ACK) to India Special Situations Scheme I (a scheme of India Special Situations Trust an alternative investment fund).
Upon completion of the aforesaid transaction in accordance to the terms and conditions under the said agreements. the Company shall receive an aggregate consideration of Rs. 44.39 crore and consequently ACK shall cease to be subsidiary of the Company.
Further, the Company has agreed to subscribe to 4977 compulsorily convertible debentures of ACK amounting to Rs 49.77 crore in lieu and being equivalent to the value of outstanding loans granted by the company to ACK. The CCDs shall be convertible at the expiry of three years.
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