Future Lifestyle Fashion to raise Rs 500 crore

Future Lifestyle Fashion is planning to raise Rs 500 crore from the domestic or overseas market on a private placement basis so as to bankroll its fashion retail business growth. This will be done through issuing non-convertible debentures.

The funds will be borrowed in Indian or foreign currency by issue of debt instruments for an amount of up to Rs 500 crore in domestic or overseas market. He funds raised will remain within the overall borrowing limit of the company. The need for raising the funds has risen because of the growth of fashion retail business and the requirement of funds for operations. So, the company needs to raise additional funds in one or more tranches by issuing NCDs, bonds and/or debt instruments. The dividend will be paid within 30 days from the date of the announcement.

Future Lifestyle Fashion is a Future Group firm. It also plans to seek shareholder consent for reappointment of Kishore Biyani as the managing director of the company for three years with effect from June 25, 2016 with a total renumeration of Rs 2.41 crore per annum.