The Board of directors of Future Enterprise Ltd. are going to hold a separate meeting in which they will take a final call on impending sale of group’s retail business to Mukesh Ambani’s Reliance Retail, reports stated on Saturday.
The meeting aims “to consider and evaluate proposals to raise funds by way of issuance of bonds including debentures, non-convertible debt instruments, securities and/or any other instruments, securities including through private placement or through any other permissible mode or any combination thereof, as may be decided by the Board and subject to such statutory, regulatory approvals as may be necessary, including the approval of the shareholders of the Company, wherever required,” the company had said in a notice to Stock Exchanges issued on Wednesday.
Ambani’s Reliance Industries, which is on a shopping spree for the past few weeks, is set to acquire Future Enterprises’ retail business including the popular Big Bazaar, Fashion at Big Bazaar, Easy Day and Brand Factory.
With this deal, Reliance Industries is not only going to get an edge in the retail market but it will also help the company in its e-commerce business.
As per local media report, the deal between Reliance Industries and Future Enterprise Ltd. has pegged around Rs 27,000 crore. The amount includes RIL talking a significant group’s debt and trade dues to vendors.
Meanwhile, the Future Enterprise has pushed its board meeting consideration and approval of audited financial results of the Company for the quarter and year ended 31st March, 2020. The adjourned meeting has been shifted to September 7.