Mr. Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons Limited (Promoters) has announced that they have entered into a share subscription agreement and a shareholders' agreement with Amazon.Com NV Investment Holdings LLC (Amazon).
Pursuant to these agreements, Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49% stake comprising both, voting and non-voting shares.
As part of the agreement, Amazon has been granted a call option. This call option allows Amazon to acquire all or part of the Promoters' shareholding in Future Retail Limited (Company), and is exercisable between the 3rd to 10th years, in certain circumstances, subject to applicable law.
The Promoters have also agreed to certain share transfer restrictions on their shares in the Company for same tenure, including restrictions to not transfer shares to specified persons, a right of first offer in favour of Amazon, all of which are subject to mutually agreed exceptions (such as liquidity allowances and affiliate transfers).
The transaction contemplated above is subject to obtaining applicable regulatory approvals and customary closing conditions.
Shares of Future Retail Ltd was last trading in BSE at Rs.412.15 as compared to the previous close of Rs. 416.95. The total number of shares traded during the day was 10316 in over 466 trades.
The stock hit an intraday high of Rs. 423.8 and intraday low of 409.4. The net turnover during the day was Rs. 4305876.