Future Group promoter’s family office raises Rs3,000cr to trim debt: Media report

The fund will be raised without making any changes in holding in the listed retail companies.

Dec 28, 2018 09:12 IST India Infoline News Service

Future Group promoter Kishore Biyani’s family office has raised Rs3,000cr to trim debt without making any change in holding in the listed retail companies, an Economic Times report said.

As per the report, AION Capital Partners has infused Rs1,400cr in a Biyani family holding company, while another Rs980cr was invested by Italian insurer Generali Group via an acquisition of 23% stake in a joint venture with Future Generali. Further, US-based footwear and athletic accessories brand Skechers will inject Rs580cr.

Meanwhile, the group informed that none of these firms are shareholders or part of Future Group’s listed retail companies, the report added.

Future Retail Ltd is currently trading at Rs492 down by Rs21.9 or 4.26% from its previous closing of Rs513.90 on the BSE.

Future Consumer Ltd is currently trading at Rs46 up by Rs0.1 or 0.22% from its previous closing of Rs45.90 on the BSE.

Future Lifestyle Fashions Ltd is currently trading at Rs388.15 down by Rs5.25 or 1.33% from its previous closing of Rs393.40 on the BSE.

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