You are here: Home » Companies » News
Business Standard

Future Retail board okays raising funds up to $500 mn to acquire new assets

The board, at its meeting held on Saturday, also approved "the allotment of total 396,03,960 equity warrants at a price of Rs 505 per warrant to Future Coupons Private Limited

Press Trust of India  |  New Delhi 

Future Group introduced quick checkouts around Republic Day sales this year, asking customers to book time slots to avoid long queues
Representative Image

Kishore Biyani-led on Saturday said its board has approved raising of long-term funds up to USD 500 million (around Rs 3,588 crore) for the acquisition of certain in-store infrastructure retail assets.

"The board has reconsidered the various funding options for the acquisition of the retail infrastructure assets and found it more efficient to fund the same through the USD denominated borrowings...," the company said in a BSE filing.

Accordingly, the board "approved raising of long term funds for the company subject to the applicable regulatory approvals and market conditions, through the offer, issue and of allotment of senior, secured USD-denominated notes for an aggregate amount not exceeding USD 500 million...to meet the capital expenditure for the acquisition of certain in-store infrastructure retail assets, in one or more tranches", it added.

The board, at its meeting held on Saturday, also approved "the allotment of total 396,03,960 equity warrants at a price of Rs 505 per warrant to Future Coupons Private Limited (FCPL) (formerly known as Future Coupons Limited), a promoter group entity, on preferential basis against receipt of 25 per cent of warrant subscription price (ie Rs 126.25 per warrant).

First Published: Sat, January 04 2020. 14:25 IST
RECOMMENDED FOR YOU