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| Exchange Disseminated Time | Future Retail Ltd has informed BSE that a meeting of Board of Directors of the Company was held on June 11, 2014 and the Board while considering the various options approved raising of funds upto Rs. 2,000 crore comprising of (i) through issue of shares / warrants on preferential basis to investors and promoters of approximately Rs. 400 crore and (ii) issue of shares of different classes on rights basis upto Rs. 1600 crore and accordingly has approved the following fund raising resolutions. The Company proposes to utilise the proceeds of the various fund raising options at least 75% for its debt reduction program in addition to also fund its future growth.
1. Issue of 1,53,84,615 Equity shares of Rs. 2/- each at a price of Rs. 130/- per share (inclusive or premium of Rs. 128 per share) aggregating to Rs. 199,99,99,950/- on Preferential basis to Brand Equity Treaties Limited ("Investor");
2. Issue of 76,92,307 Warrants at a price of Rs. 130/- per Warrant aggregating to Rs. 99,99,99,910 to Future Corporate Resources Limited one of the Promoter Group entity with an option to the Warrant holder to acquire same number of Equity shares of Rs. 2/- each (at a premium of Rs. 128 per share) ("Warrants - A") withIn a period of 18 months pursuant to the provisions Chapter VII of Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009 relating to Preferential lssues;
3. An Extraordinary General Meeting of the Company will be held on July 09, 2014 at Mumbai for obtaining Shareholders approval for the Preferential Issue of Equity Shares to Investor and Warrants - A to Promoter Group Company stated herein above. |
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