Kishore Biyani's retail arms clarify on RIL's acquisition buzz; Future Retail, Future Lifestyle soar 5% each

Although, RIL is yet to reply, however, Future Retail and Future Supply Chain Solution has clarified over the buzz.

Jul 02, 2020 12:07 IST India Infoline News Service

Stocks In Focus
The stock exchanges have sought clarification from some Future Group subsidiaries and Mukesh Ambani-led Reliance Industries over a possible acquisition deal between the two behemoths. Although, RIL is yet to reply, however, Future Retail and Future Supply Chain Solution has clarified over the buzz.

Future Retail on Thursday told exchanges that, "the Company continues to explore and evaluate various opportunities or associations in the interest the Company, as and when considered appropriate, which is always a subject matter of further feasibility studies and the need for requisite consents in accordance to the applicable laws and other stakeholders. We are committed to make necessary disclosure in terms of Regulation 30 of the Listing Regulations of various decisions of the Board/Committees, which would be binding on the Company subject to the applicable terms and conditions of relevant agreements/arrangements."

Further, the company said, "At present, there is no such decision taken by the Board of Directors or any of its Committees, which calls for dissemination of information or disclosure of event in terms of Regulation 30 of the Listing Regulations. Accordingly, we would be unable to comment upon the said News Article."

A similar clarification was also submitted by Future Supply Chain Solutions.

Apart from the above two Future Group subsidiaries, exchanges had also sought clarification Future Lifestyle Fashions for which the reply is awaited.

BSE and NSE asked RIL and the three above-mentioned companies of Future Group to shed light over a news item published by the Economic Times June 30, 2020, titled "Reliance Industries nears deal to acquire retail businesses of Future Group".

The news article stated Ambani's RIL and Kishore Biyani's Future Group is nearing to sign a deal where the former will buy the latter's retail business. Reportedly, Biyani's three companies namely Future Retail, Future Lifestyle Fashions and Future Supply Chain are going for the merger.

On Thursday, the companies involved in the buzz witnessed buying sentiments on exchanges.

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