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Future Consumer signs definitive agreements to sell its stake in Amar Chitra Katha

Capital Market 

For aggregate consideration of Rs 44.39 crore

Future Consumer has executed definitive agreements on 29 September 2018 to sell its stake in (ACK) to India Special Situations Scheme I (a scheme of 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 01 2018. 08:16 IST