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| Exchange Disseminated Time | Future Lifestyle Fashions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 08, 2014, inter alia, has approved the following:
1. Issue of 1,59,34,065 Equity Shares of face value of Rs. 2/- each at a price of Rs. 91/- per equity share aggregating to Rs. 144,99,99,915/- on preferential basis to Ryka Commercial Ventures Private Limited, a member of the Promoter Group of the Company;
2. Issue of 32,96,700 Compulsory Convertible Debentures of face value of Rs. 91/- each (CCDs) aggregating to Rs. 29,99,99,700/- on preferential basis to Arlette Infrastructure Private Limited, a member of the Promoter Group of the Company; Each CCD convertible into one Equity Share of Rs. 2/- each as fully paid up on April 01, 2015;
3. Subject to approval of shareholders and Central Government, payment of remuneration to Mr. Kishore Biyani as Managing Director of the Company under applicable provisions of the relevant Companies Act, in view of terms of approval letter, issued by Ministry of Corporate Affairs,;
4. Subject to approval of shareholders and Central Government, payment of remuneration to Mr. C.P. Toshniwal, Executive Director & Chief Financial Officer with effect from April 01, 2014 and further payment of revised remuneration with effect from November 01, 2014, for the remainder of his tenure i.e. up to October 31, 2016, under applicable provisions of the Companies Act, 2013.;
5. An Extraordinary General Meeting of the Company will be held on November 07, 2014 at Mumbai for obtaining shareholders’ approval for the transaction mentioned in Item No. 1 to 4 above.
The relevant date for the pricing of the aforesaid preferential issue of securities at Item No. 1 & 2 above is October 08, 2014, (which is the day 30 days prior to the date of the proposed Extraordinary General Meeting i.e. November 07, 2014, in terms of Regulation 71 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009). |
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