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Last Updated : Sep 20, 2019 03:13 PM IST | Source: Moneycontrol.com

Future Supply dips nearly 4% as Nippon Express to acquire 22% stake in Co

The company in its meeting approved to issue of equity shares at an issue price of Rs 664 per equity share to Nippon Express.

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Share price of Future Supply Chain Solutions declined nearly 4 percent intraday on September 20 after Nippon Express agree to acquire 22 percent stake in the company.

Nippon Express Co., acting through its subsidiary Nippon Express (South Asia & Oceania) Pte. has agreed to acquire a 22 percent stake in Future Supply Chain Solutions.

This transaction is a combination of primary issuance and secondary purchase from an existing Investor.

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The company in its meeting approved to issue of equity shares of face value Rs 10 each in the company at an issue price of Rs 664 per equity share aggregating to Rs 251,61,28,400 on preferential basis to Nippon Express.

Nippon Express has entered into a share purchase agreement with institutional shareholder(s) of FSC to acquire 58,63,475 shares representing 14.6% of existing share capital.

Both these transactions will result in Nippon Express owning a 22 percent stake in FSC (on a post money, fully diluted basis).

At 14:55 hrs Future Supply Chain Solutions was quoting at Rs 520, down Rs 21.40, or 3.95 percent on the BSE.

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First Published on Sep 20, 2019 03:13 pm
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