Future Retail Ltd board approves raising of upto Rs. 650 crore through NCDs

A meeting of the Board of Directors (the "Board") of Future Retail Limited ("FRL" / "Company") was held today, on 27th May, 2020 and the board considered and approved by way of enabling resolution to issue secured / unsecured redeemable non-convertible debentures (NCDs) on private placement basis for an amount aggregating upto Rs. 650 crore in one or more tranches from time to time mainly to replace its existing high cost current or near term maturity debts requirements.

The Board has also authorised the Committee of Directors to decide on matters and transactions relating to aforesaid proposed issuance and allotment of NCDs including but not limited to finalisation and approval of terms and conditions of issue, number of NCDs and timing of the issue from time to time.

Shares of Future Retail Ltd was last trading in BSE at Rs.73.4 as compared to the previous close of Rs. 69.95. The total number of shares traded during the day was 273969 in over 997 trades.

The stock hit an intraday high of Rs. 73.4 and intraday low of 70.4. The net turnover during the day was Rs. 19960369.

Source : Equity Bulls

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