Premji Invest pumps in Rs 175 cr in Future Group

Premji Invest, the private investment entity of the Wipro Chairman Azim Premji has invested Rs 175 crores into a promoter company of the Future Group in a structured deal. The debt-ridden company has been trying to kick-back to life initiating several measures. The latest development comes as a breather for the Future Group that requires funds to subscribe to the Rs 1,600 crores rights issue.

Future Retail's rights issue will open on January 15 and close on January 29. The Future Group's promoter company has issued zero coupon redeemable preference shares to Premji Invest with a maturity of three years. After the tenure, the promoters have to repay the amount along with an interest. In May, Premji Invest had bought 8 per cent stake in a group company Future Lifestyle Fashions for Rs 125 crores. But, the sale involved equity capital infusion.