The proposed fund raise from IFC and promoter entity, would be utilized towards enhancing stake in subsidiaries & associates of FLFL and debt reduction, company said.
Future Lifestyle Fashions share price fell 2 percent intraday on February 20 after the company approved to issue shares to IFC and promoter entity.
The company board in its meeting held today approved to issue 51.44 lakh shares at Rs 414 per share on preferential basis to International Finance Corporation (IFC).
The board also approved to issue 96.61 lakh equity shares at Rs 414 on preferential basis to FQS Trading Private Limited, a promoter group entity.
The proposed fundraise from IFC and promoter entity, would be utilized towards enhancing stake in subsidiaries & associates of FLFL and debt reduction, the company said.
The board approved enabling resolution giving authority to issue of non-convertible debentures (NCDs) /other securities on private placement basis, for value upto Rs 400 crore, in one or more tranches, within a period of one year, subject to approval by the shareholders.
This will be utilized towards replacing existing debts in the company to improve maturity profile and reduce overall finance cost.
An extraordinary general meeting of the company will be held on March 20, 2020, for obtaining shareholders' approval for the proposed preferential issues of equity shares and enabling resolution for issue of NCDs /other securities on private placement basis.At 13:55 hrs, Future Lifestyle Fashions was quoting at Rs 382.85, down Rs 6.15, or 1.58 percent on the BSE.
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