Future Retail seeks nod for merging Future Value

Future Retail has sought a fresh shareholders? approval for a revised scheme for merging its fully-owned subsidiary, Future Value Retail (FVRL), with itself after the stock exchanges instructed it to make changes.

The company has said in a letter to the shareholders that the holders of the subsidiary?s debentures would have a put option on the listed entity ? Future Retail ?not its promoter group.

The company has asked shareholders to respond through the postal ballot on or before January 27, 2014.

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FVRL has convertible debentures of R685 crore. Future Retail has also revised the scheme of amalgamation document stating that the redemption of debentures will be guaranteed by the promoter of Future Retail.

?The holders of debentures issued pursuant to this clause shall have a put option with respect to such debentures on Future Retail. The redemption of the debentures will be guaranteed by a promoter company of Future Retail,? the company said in its address to shareholders. In the earlier version, the company had not made this guarantee.