Future Retail to raise Rs 2000 crore to pare debt, fund growth

Jun 11 2014, 19:06 IST
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SummaryFuture Retail today said it will raise funds up to Rs 2,000 crore to pare debt and fund growth.

Future Retail today said it will raise funds up to Rs 2,000 crore to pare debt and fund growth.

"Board of Directors of the company have approved raising of funds up to Rs 2,000 crore...," the company said in a BSE filing.

Funds up to Rs 400 crore would be raised through issue of shares/warrants on preferential basis to investors and promoters and up to Rs 1,600 crore via issue of shares of different classes on rights basis, it added.

The company said it "proposes to utilise the proceeds of the various fund raising options at least 75 per cent for its debt reduction program in addition to also fund its future growth."

The company has a debt of approximately Rs 4,500 crore.

The Board of Future Retail has approved issue of 1,53,84,615 equity shares of Rs 2 each at a price of Rs 130 per share aggregating to Rs 199.99 crore on preferential basis to brand equity treaties ltd.

The company proposes to raise Rs 99.99 crore through issue of warrants (common share) and another Rs 100 crore from issue of warrants (having differential voting rights) to promoter group entity Future Corporate Resources Ltd respectively.

The Board has approved issue of equity shares up to Rs 1,600 crore to its existing shareholders on a rights basis.

Shares of Future Retail fell over 7 per cent on the BSE to end at Rs 135 apiece.

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