The company will issue 51.44 lakh shares at Rs 414 per share on preferential basis to International Finance Corporation (IFC). IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets. The company will also issue 96.61 lakh equity shares at Rs 414 on preferential basis to FQS Trading, a promoter group entity. The proposed fund raise from IFC and promoter entity, would be utilized towards enhancing stake in subsidiaries & associates of FLFL and debt reduction, the company said. This apart from being EPS accretive, cost optimization and improving cash flows, will simplify the company's operations and investment structures, it said. Further, the board approved enabling resolution giving authority to issue of non-convertible debentures (NCDs) /other securities on private placement basis, for value upto Rs 400 crore, in one or more tranches, within a period of one year, subject to approval by the shareholders. This will be utilized towards replacing existing debts in the company to improve maturity profile and reduce overall finance cost. An extraordinary general meeting of the company will be held on 20 March 2020, for obtaining shareholders' approval for the proposed preferential issues of equity shares and enabling resolution for issue of NCDs /other securities on private placement basis. Shares of Future Lifestyle Fashions were down 1.58% at Rs 382.85 on BSE. Future Lifestyle Fashions is the flagship fashion business of Future Group. The company operates more than 300 stores in over 90 cities, occupying 5.7 mn sq ft of retail space. The company owns and markets leading brands, through our in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs). Powered by Capital Market - Live News |