Future Ventures up 3% on likely stake sale in AND

Moneycontrol Bureau

Future Ventures rose more than 3 percent in afternoon trade Friday on a media report that the Kishore Biyani-owned company is in the final stages of negotiations to sell its 22.86 percent stake in apparel maker and designs India to private equity fund General Atlantic for Rs 150-200 crore.
"There will be no fresh equity coming into the company as only the investors will change hands," a media report said quoting an investment banker.
"AND Designs, promoted by fashion designer Anita Dongre, is a leading apparel maker which sells women's garments under brands AND, Anita Dongre and Global Desi. The company clocked revenues Rs 280 crore in 2012-13," the report said. Also Read - Future Ventures makes further investment in its arm
At 13:20 hours IST, the stock gained 3.45 percent to Rs 6.30 amid hefty volumes on the Bombay Stock Exchange.