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Future Market Networks Ltd Company Summary

6.89
(-2.13%)
Jul 12, 2024|03:32:20 PM

Future Market Networks Ltd Summary

Future Market Networks Limited was incorporated with the name Future Mall Management Limited on March 10, 2008. The Company name was changed from Future Mall Management Limited to Agre Developers Limited on October 4, 2010 and again changed from Agre Developers Limited to Future Market Networks Limited on February 6, 2012. The Company is engaged in development and management of commercial, retail space and infra logistic projects. Demerged from Pantaloon Retail (India) Limited with effect from April 1, 2010, the Company was listed on BSE and NSE on December 31, 2010.In March, 2011, the Company acquired Precision Realty Developers Pvt Ltd. In April 2012, it opened the retail infrastructure project, 1MG Road.In 2011-12, the Scheme of Amalgamation between the Company, Future Realtors (India) Private Limited , Prudent Vintrade Private Limited and AIGL Holding & Investments Pvt Ltd and their respective shareholders and creditors was made effective on February 10, 2012. Pursuant to the said Scheme, investments held by Future Realtors India Private Limited in its subsidiaries and associate companies which were engaged in the business of development and leasing of retail real estate properties and development of integrated townships in India were vested with the Company. In terms of the aforesaid Scheme 4,46,83,440 equity shares of Rs 10/-each was allotted to the shareholders of FRIPL, AIGL and Prudent on March 27, 2012 and the same were listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited on May 8, 2012.Similarly, Agre Properties & Services Limited, the Wholly Owned Subsidiary of the Company was merged with Company in April, 2011. Wholly Owned Subsidiary, KB Mall Management Company Limited also merged with the Company through Scheme of Arrangement effective January 01, 2012. Star Shopping Centres Private Limited, subsidiary of the Company was merged with the Company in 2020-21, through the Scheme of Merger. Consequent to Merger by absorption, the Company allotted 12,53,100 Equity Shares of Rs 10/- each fully paid up on September 24, 2019 to the eligible shareholders of Star Shopping Centres Private Limited who holds 40% of the paid up share capital of Star Shopping Centres Private Limited and 60% of the equity capital held by the Company in it.

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