Future Group faces high promoter debt, sharp fall in share prices and cash flow woes, all of which have been exacerbated by the COVID-19 outbreak.
The board of directors of the company at its meeting held on Thursday also approved an enabling resolution to raise Rs 400 crore through issue of of non-convertible debentures (NCDs) or other securities on private placement basis in one or more tranches within a period of one year, Future Lifestyle Fashions Ltd (FLFL) said in a regulatory filing.
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.
Earnings before interest, tax, depreciation and amortisation (EBITDA) gained 92.8% at Rs 322.9 crore, while EBITDA margin was up 860 bps at 18.5 percent, YoY.
Future Coupons is principally engaged in marketing and distribution of corporate gift cards, loyalty cards and reward cards to corporate customers
Its revenue from operations rose 17.68 percent to Rs 1,571.81 crore during the quarter under review as against Rs 1,335.62 crore in the corresponding quarter previous fiscal.
The proposal was passed by 99.99 percent votes in favour on votes polled
Motilal Oswal is bullish on Future Lifestyle Fashions has recommended buy rating on the stock with a target price of Rs 575 in its research report dated July 22, 2019.
Motilal Oswal is bullish on Future Lifestyle Fashions has recommended buy rating on the stock with a target price of Rs 585 in its research report dated May 02, 2019.
Future Lifestyle Fashions has reported a sales total income from operations of Rs 1,267.66 crore and a net profit of Rs 28.31 crore for the quarter ended Jun-2018
The market breadth was in favour of the advances with 1121 stocks advancing while 487 declined and 431 remained unchanged. On the other hand, in the BSE, 1345 stocks advanced and 658 declined and 107 remained unchanged.
The market breadth was in favour of the advances on Monday morning with 838 stocks advancing as against 620 declines while 198 remained unchanged. On the other hand, 1392 stocks advanced and 822 stocks declined while 101 remained unchanged on the BSE.
Sustaining above 10,550 levels on tradable basis Nifty can rally initially towards 10,720 and then 10,840 levels. On the downside, the index has support at 10,400 which was last week low and a break below the said level may trigger a decline towards 10,320 and then 10,230 levels, says Ashish Chaturmohta, Head of Technicals and Derivatives, Sanctum Wealth Management.
"The Committee of Directors... has issued and allotted 3,500 senior, secured listed, rated, redeemable non- convertible debentures series - IV (NCDs) of Rs 10 lakh each at par for cash aggregating Rs 350 crore to the investors, on private placement basis," FLFL said in a regulatory filing.
Edelweiss is bullish on Future Lifestyle Fashions has recommended buy rating on the stock with a target price of Rs 464 in its research report dated September 12, 2017.
Bennett Coleman & Co sold 10,00,000 shares of Future Lifestyle Fashions at Rs 319 on the NSE.
India Opportunities Growth Fund Pinewood Strategy sold 36,50,000 shares of Future Lifestyle Fashions at Rs 316.
Edelweiss' is bullish on Future Lifestyle Fashions has recommended buy rating on the stock with a target price of Rs 416 in its research report dated July 7, 2017.
Kishore Biyani-controlled Future Lifestyle Fashions today said it has redeemed non-convertible debentures worth Rs 200 crore.
"FLF has moved the Lee Cooper brand business to Future Speciality Retail Limited, a step down subsidiary of FLF, on March 29 2017," a statement said.
On March 31, 2017 Pioneer Investment Fund bought 39,00,000 shares of Future Lifestyle Fashions at Rs 254.90 on the BSE and bought 1,16,27,950 shares at Rs 254.90 on the NSE.