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From 50% to 24%
The Board of Future Lifestyle Fashions at its meeting held on 20 September 2021 has noted the update on joint venture company - Clarks Future Footwear.The Company and FLFL Lifestyle Brands Limited (an associate company, FLBL) along with C&J Clark International Limited (CJCIL) has a (50:50) Joint Venture in the name of Clarks Future Footwear (Clarks India), wherein, the Company holds 1% and FLBL holds 49% of the capital of Clarks India.
In view of the urgent fund requirements by the Clarks India, Clarks India had proposed to raise funds by way of issue of fresh securities.
In the current circumstances and due to OTR obligations/restrictions, FLFL and FLBL were unable to make the fresh investments in the Clarks India. In order to ensure the continuity of business of Clarks India, the proposed securities of Clarks India would be offered and issued to other parties, as mutually agreed between the JV partners and subject to the requisite regulatory approvals. Post issue of proposed securities by Clarks India, the equity stake held by FLFL and FLBL would be diluted from 50% to 24% of diluted equity capital of Clarks India.
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