HomeBusiness NewsFuture Retail-Reliance deal falls through after failing to garner support from secured...

Future Retail-Reliance deal falls through after failing to garner support from secured creditors

NEW DELHI: The anticipated deal between Reliance Retail and Future Retail Limited failed to materialise, after nearly 70% of the latter’s secured creditors voted against the proposed deal.
While more than 75 per cent of shareholders and unsecured creditors supported the deal, FRL did not get the requisite 75 per cent favourable voting from secured creditors.
A majority of 69.29 per cent of secured creditors of FRL voted against the resolution while 30.71 per cent voted in favour of it, FRL said in a regulatory filing.
While 85.94 per cent of shareholders have voted in favour of the deal with Reliance, 14.06 per cent of shareholders opposed it.
The company managed to get the requisite approval of 75 per cent from unsecured creditors with 78.22 per cent of them supporting the deal while 21.78 per cent voting against the resolution.
Another group firm Future Lifestyle Fashion Ltd (FLFL) said that a majority of its secured creditors have voted against the deal.
Several listed Future group companies had called meetings of their shareholders, secured and unsecured creditors this week to get the approval of the scheme of amalgamation and sale of assets as per the deal announced with Reliance Retail.
In August 2020, the Future Group announced the Rs 24,713 crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the billionaire Mukesh Ambani-led RIL Group.
(With inputs from PTI)

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments