Future Retail Q4 net profit declines, aims to raise Rs 700 cr
loading...
Future Retail’s board has approved the divestment and an authorized committee will consider various options such as offer for sale as part of initial public offering, sale to private equity or strategic investor, the company said in a BSE filing. In January, the company had raised Rs 1,600 crore through a rights issue to reduce debt that stood at Rs 6,200 crores at the end of March 31, 2014.
The group might now consider hiving off its stakes in insurance joint venture once the regulations governing foreign investment for the sector are notified by the government, remaining 17-18 percent stake in Pantaloons to a private equity firm worth about Rs 225 crores, two equal joint ventures with Apollo Textile Mills and Gold Mohur Mills in Mumbai, 10 percent stake in Future Consumer Enterprise and a 15-18 percent in Future Lifestyle Fashion and a joint venture with the US-based Staples.