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| Exchange Received Time 30/11/2017 20:16:54 Exchange Disseminated Time 30/11/2017 20:17:00 Time Taken 00:00:06 | Sub: Cessation of Hypercity Retail (India) Ltd- subsidiary of the Company.
Please be informed that closing has commenced under the Share Purchase Agreement - accordingly, the Company along with other Sellers have transferred their entire equity shareholdings held in Hypercity Retail (India) Ltd (Hypercity / material subsidiary) to Future Retail Ltd (Purchaser) on November 30 2017, received part of the cash consideration (with payment of balance amount (to the extent payable) being subject to certain purchase price adjustments to be determined) and share consideration consisting of 4,756,823 equity shares of Rs.2 each of Future Retail Ltd will be received, once the same are allotted by the Purchaser.
With the aforesaid sale of equity shares to the Purchaser, Hypercity ceases to be the subsidiary of the Company.
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