Future Ventures sets IPO price band at Rs 10-11/share

Future Ventures, a unit of the Future Group which runs the country's top listed retailer Pantaloon Retail, said on Tuesday it has set a price band of 10-11 rupees a share for its planned 7.5 billion rupee initial public offering of shares.

The issue will open on April 25 and close on April 27 for qualified institutional bidders and on April 28 for retail and non-institutional bidders the firm said in a newspaper advertisement.

The company invests in businesses which are strategically important to the group's retail business. It plans to use a large part of the funds for acquiring new businesses while a small part of the proceeds will be used to grow the existing businesses.

Enam Securities, JM Financial, Kotak Mahindra Capital are the book running lead managers to the issue.