Kishore Biyani-promoted Future Consumer to raise Rs 300 crore through rights issue

Kishore Biyani-led Future Group company Future Consumer is planning to raise Rs 300 crore through a rights issue after the company's Board of Directors gave an approval at a meeting held on May 16.

As per a BSE filing, the board has appointed a committee of directors that will 'finalise the terms and conditions of the rights issue including the rights entitlement ratio, issue price, record date, payment option, timing of the rights issue and other related matters' at a later date.

Recently, the Future Group had announced plans to exit its insurance joint ventures. These moves are part of the group's efforts to sell non-core assets to repay loans to banks and redeem shares pledged with other lenders.

In other plans to reduce the Future Group debt of over Rs 10,000 crores, Kishore Biyani, who holds 90 percent in many of the entities, is said to be seeking funding from existing investors like Amazon and Premji Invest.