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<a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani+&amp;sortorder=effectivedate">Kishore Biyani </a>has resigned from the post of Managing Director of <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Retail&amp;sortorder=effectivedate">Future Retail</a>. He has also resigned from the post of Joint Managing Director and Director of the company. 
 
This is a restructuring to execute the merger <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> with the company announced last year. 
 The resignations would be effective from May 1, 2016, <keyword id="375475" type="COMPANY" weightage="80" keywordseo="Future-Retail">Future Retail</keyword> said in a BSE filing. 
 However, <keyword id="44950" type="PERSON" weightage="60" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> would continue to hold office as non executive director of Future Retail Ltd, it added. 
 
In May last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> agreed to merge its retail business with rival <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> in an all-stock deal worth Rs 750 crores to create one of the biggest supermarket chains with Rs 15,000 crores turnover. 
 
Image credit: Indiatimes

Kishore
Biyani is no longer the Managing Director of Future Retail

In a major relief for <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> CEO <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, the Securities Appellate Tribunal (<keyword id="6379242" type="UNKNOWN" weightage="20" keywordseo="SAT">SAT</keyword>) has stayed the SEBI's order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL). A company statement said the appellate tribunal has stayed the "effect and operation" of SEBI's order accusing the promoters of the <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> of insider trading in the context of purchases of Future Retail shares made in March 2017. As per the company, the restructuring of the home furnishing businesses in the Future Group -- with the physical store format of Future Retail and online store format of Future Enterprises being demerged into a new company -- had been well known in the public since 2016. Future Group counsel Somasekhar Sundaresan argued that the actual terms of the restructuring were initiated only in April 2017 while the purchases were made in March to avail of the acquisition limits under the takeover regulations. SAT, however, has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021. Earlier this month, the capital market regulator SEBI barred Biyani, among others, from the securities market for a period of one year for insider trading in the scrip of Future Retail (FRL). The other entities and individuals barred by SEBI from the securities market were Future Corporate Resources Private Limited (FCRPL), Kishore Biyani's brother Anil Biyani, Rajesh Pathak and Rajkumar Pande. An investigation had found that some of the entities traded in shares of Future Retail on the basis of unpublished price sensitive information (UPSI) violating SEBI norms during the period between March 10 and April 20, 2017, said the SEBI order. Further, the notices were also restrained from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two years. SEBI in its order had also asked Future Corporate Resources, Kishore Biyani and Anil Biyani to jointly and severally disgorge an amount of over Rs 17.78 crore along with an interest at the rate of 12 per cent per annum from April 20, 2020 till the date of actual payment.

Kishore Biyani heaves a sigh of relief as SAT stays the SEBI ban until further notice

New Delhi, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, Future Coupons and Future Corporate Resources have said that totally disillusioned and fed up with <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s lackadaisical attitude, they were left with no option but to accept the offer from <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>. This communication to Amazon is a response to their notices and addressed on behalf of Future Corporate Resources Private Limited (FCRPL), Kishore Biyani and other promoters. "At the further outset, we deny that we have acted contrary to and reneged on contractual obligations for personal gain or benefit, as alleged or at all. Such assertions are wholly unsubstantiated," Biyani said. "You were well aware that in light of the disruption caused due to the Covid-19 pandemic, the lenders were chasing various companies of the Future Group for honouring their obligations," he said. "Being totally disillusioned and fed up with your lackadaisical attitude, we were left with no option, but to accept the offer from the Reliance. Given the fact that Reliance is one of the largest conglomerates in the country and globally, we believed that this was the best deal in the interest of all the stakeholders of various companies of Future group including FRL, as it addressed the concerns of the lenders, employees, shareholders (public shareholders of the listed companies) of the Future Group companies including FRL. You, alone, are responsible for contributing to this situation, having failed to bail out FCPL and/or the Promoters from preventing alienation or disposal of the Promoter FRL Securities," Biyani told Amazon. "In fact, during the period March to August 2020, all your actions lacked good faith. Except for offering lip service and perfunctorily attempting to show your concern, there were no serious or genuine efforts made by you. The correspondence during this period bears out that you really had no intention to assist the Promoters/FCPL in preventing the alienation or disposal of the <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> shares. What you merely did, was put up a facade of 'facilitating' the raising of finance by the Promoters," Biyani said. "In such dire circumstances, you were not expected to sit on the fence by simply calling for information and data and doing nothing to prevent the alienation and disposal of the Promoter FRL Securities. The least you could have done, was to nominate replacement financial institutions (RFIs) as soon as possible, or within reasonable time. By not nominating any RFIs, you contributed to the deterioration of the asset value of Promoters FRL Securities," Biyani said. Biyani said if the transaction with the Reliance/MDA Group was not finalised, FRL would inevitably have faced insolvency and/or liquidation, in which event, the entire equity would have been wiped out, leaving you with nothing. "We, therefore, deny having acted for personal gain, as alleged or at all. We have, in fact, acted in public interest, namely, in the interest of the banks, other lenders, and public shareholders. We have also ensured that the investments of FCPL continue to remain encumbrance free," he said. "Your contention, that there is a 'single integrated transaction', also violates the Foreign Exchange Management Act, 1999 (FEMA). Therefore, the two SHAs must be regarded as independent," he said. Biyani said, "We put-forth various alternative proposals for your consideration, including a proposal to increase Amazon's effective shareholding in FRL from 4.8 to 19.1 per cent, by investing an additional Rs 1,11,470 Crores, we made attempts to negotiate with other financial institutions and/or funds (for example Samara) to prevent alienation or disposal of Promoter FRL Securities, we could not go ahead with Samara because they wanted your NOC which was not forthcoming; we also explored the possibility of forming a consortium of financial institutions including other investors, who wanted your participation, which you did not consent to, using FDI laws as the reason, you were at all times fully aware of the exclusivity period with Reliance of four weeks from July 2, 2020 and its extension upto August 14, but as party to FCPL SHA made no concrete plan or proposal."

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has picked up a 49% stake in <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>’s – Future Coupons. </li><li>Amazon also announced its 2-hour grocery delivery service – Amazon Fresh in Bengaluru.</li><li>The developments come in right before <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> makes its reported entry into e-commerce.</li></ul>Global e-commerce giant Amazon picked up a 49% stake in Kishore Biyani’s Future Coupons. This company is the promoter of <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>, and Amazon will indirectly have ownership of the vast group of offline retail chains including Big Bazaar. “We have been informed by Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons that they have entered into a share subscription agreement and a shareholders' agreement with Amazon,” said a regulatory filing by Future Retail. As part of the agreement, Amazon has been granted a call option. This option allows Amazon to acquire all or part of the promoters' shareholding in Future Retail and can be exercised in three or ten years. Again, this is subject to the regulation. Future Retail’s stock fell by 4.7% in early trade to ₹393, as the announcement was made late last night. Amazon gets Fresh The development came in on the same day as Amazon also announced its two-hour grocery delivery service – Amazon Fresh. With Amazon Fresh, customers can order their complete grocery requirements across a selection of over 5,000 fruits and vegetables, dairy, meat, ice-creams, and dry grocery like staples, packaged food, personal care and home care. While Amazon fresh is currently available in Bengaluru, it will also be offered in other cities soon. Amazon’s stake in Future Group gives it access to offline store print in India, as the competition in the offline retail segment intensifies. Future Group which runs the stores Big Bazaar has 2,000 retail stores, covering over 24 million square feet of space in over 400 cities and towns. Reliance Jio is set to make its entry in the e-commerce segment with groceries. Meanwhile, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Retail has 10,644 stores in over 6,700 cities. It is present across areas like food and grocery, consumer electronics, fashion and lifestyle. Reports also had earlier said that Amazon is looking to acquire a <a href="https://www.businessinsider.in/jeff-bezos-amazon-may-buy-stake-in-mukesh-ambanis-reliance-retail/articleshow/70476636.cms">26% stake in Reliance Retail</a>.

Amazon prepares for the Mukesh Ambani challenge with a bet on Future Group – but Kishore Biyani's shareholders aren't happy

<keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">SEBI</keyword> has imposed a penalty totalling Rs 20 lakh on <keyword id="2951205" type="General" weightage="20" keywordseo="Future-Corporate-Resources" source="Orion">Future Corporate Resources</keyword>, <keyword id="44950" type="General" weightage="20" keywordseo="Kishore-Biyani" source="Orion">Kishore Biyani</keyword> and 13 others for failing to make a public announcement of an <keyword id="6694776" type="General" weightage="20" keywordseo="Open-offer" source="Orion">open offer</keyword> to the shareholders of <keyword id="17303831" type="General" weightage="20" keywordseo="Praxis-Home-Retail" source="Orion">Praxis Home Retail</keyword>. They have been asked to pay the fine within 45 days, the Securities and Exchange Board of India (SEBI) said in its order. SEBI found that Future Corporate Resources Pvt Ltd (FCRL) along with 14 entities failed to make a public announcement of an open offer following the increase in the shareholding of FCRL in Praxis. Praxis' equity shares aggregating to 30 lakh were allotted to one of its promoter entities FCRL, following the exercise of the conversion option of 3,180 compulsorily convertible debentures (CCDs) by FCRL, out of the 7,500 CCDs initially allotted to it. After exercising the conversion option, the shareholding of FCRL in Praxis rose from 47.43 per cent in the quarter ended December 2019 to 53.13 per cent, an increase of 5.71 per cent in shareholding as of February 11, 2020. "As the increase in shareholding of FCRL in Praxis post-allotment is 5.71 per cent, which is more than five per cent, FCRL along with the other Noticees (PACs) allegedly were required to make a public announcement of the open offer under...SAST (Substantial Acquisition of Shares and Takeovers) Regulations," SEBI said in its order passed on Friday. However, SEBI noted that "Noticees (15 entities) did not make a public announcement of the open offer, till date, in the instant matter" and violated the provisions of SAST norms. SAST regulations were triggered in respect of the allotment of shares and the subsequent increase in the shareholding of FCRL. The rule mandates that the acquirer and persons acting in concert with it will be jointly and severally responsible for the fulfilment of the obligation. One of the purposes of obligations in respect of an open offer is to provide an exit option to the shareholders other than the promoters of the target company, SEBI said. Accordingly, SEBI has levied a fine of Rs 10 lakh on FCRL and Rs 10 lakh together on 14 entities -- Kishore Biyani, Akar Estate and Finance, Surplus <keyword id="3777368" type="DOMAIN" weightage="20" keywordseo="finvest" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="finvest" meta.entityname="Apollo Finvest (India) Ltd." meta.entityid="10882" meta.seoname="apollo-finvest-(india)-ltd">Finvest</keyword>, Retail Trust, Anil Biyani, Ashni Kishore Biyani, Avni Biyani, Gopikishan Biyani, Laxminarayan Biyani, Rakesh Biyani, Sangita Biyani, Sunil Biyani, Vijay Biyani and Vivek Biyani. These 15 entities constitute the promoter and promoter group entities of Praxis before and after the allotment of the shares pursuant to the exercise of conversion of CCDs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pays-entire-1338-crore-penalty-to-cci-in-android-case/articleshow/99932555.cms">Google pays entire ₹1,338 crore penalty to CCI in Android case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/hugh-grant-says-playing-the-bad-guy-is-more-fun-delicious/articleshow/99931571.cms">Hugh Grant says playing the bad guy is 'more fun &amp; delicious'</a>

SEBI fines Future Corporate Resources, Kishore Biyani, 13 others for open offer lapses

<ul><li>On Thursday, the <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company.</li><li>The shares of Kishore Biyani’s <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> plunged by 9.99% on Friday morning.</li><li>However, Future Group said that the order would have no impact as the matter is in the Supreme Court.</li></ul>The shares of Kishore Biyani’s Future Retail Ltd plunged 9.99% at 11.25 am on Friday, one day after Future Group lost the case against <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> in the Delhi High Court. The company’s shares were trading at ₹55.85 at the time. The debt-ridden Future Retail, whose woes only worsened during the COVID-19 pandemic, had been acquired by Asia’s richest man Mukesh Ambani’s Reliance Retail. But for over six months, the deal has been tangled in legal cases, with an opposition from e-commerce giant Amazon. Over the last year, Future Retail’s share price has more than halved. <div type="image" title="frl share price" msid="81583605" hostid="261"></div> On Thursday, the Delhi High Court upheld the emergency arbitrator’s award in favour of the Jeff Bezos-led company. The judgement given by Justice JR Midha said that Future Retail, Future Coupons, Kishore Biyani and others violated the Emergency Award, and also questioned ‘why should they not be detained in prison,’ reported legal news platform <a href="https://twitter.com/barandbench/status/1372508624497508361">Bar &amp; Bench.</a> The High Court also directed Future Group to approach authorities to recall all approvals granted to Future Retail-Reliance deal. The court also asked Biyani’s Future Group to place on record any action taken by it in connection with the Reliance deal after October 25, 2020, while also slapping a ₹20 lakh fine on the company. In a regulatory filing today morning, Future Retail said that “this order does not come in the way of continuance of the ongoing NCLT proceedings”, as the matter is already in the Supreme Court. Earlier in January 2021, Future Group had moved the National Company Law Tribunal (NCLT) seeking an approval to hold its shareholders meeting for the scheme of amalgamation with Reliance group. “The Hon’ble Supreme Court, in its order in Amazon’s appeal, has not vacated the stay granted by the Hon’ble Division Bench (which stay is still in operation). The Hon’ble Supreme Court has directed that, in the meantime, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme,” said the company. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a>

Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court

Kishore Biyani-led <keyword id="44949" type="CITY" weightage="100" keywordseo="Future-group">Future Group</keyword>, one of India's largest brick and mortar retailers, today announced a strategic partnership with <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> India. Starting with fashion segment, the partnership will later be extended to every category. The partnership between Amazon and Future Group marks the entry of the country’s largest brick-and-mortar retailer into eCommerce segment. 
 
Future group will use Amazon’s platform to sell its private labels like Lee Cooper, Converse, Indigo Nation, Scullers or Jealous21, etc. Moreover, Amazon India will also help Future Group in developing new products in categories that are currently not covered by traditional retailers. 
 “The bottom line in each of our retail success stories is ‘know your customer’. … Partnership with Amazon, which obsesses to be earth’s most customer centric company, will enable us to leverage their strengths, investments, and innovations in technology to reach out to wider set of consumers across India,” Future Group CEO <keyword id="44950" type="PERSON" weightage="100" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> said. Amazon India Vice-President Amit Agarwal said the partnership is a “win-win for all.” 
 Biyani had earlier criticised Flipkart and other e-tailers for offering heavy discounts during Diwali sale as it impacts retail sale. Future Group operates some popular retail chains like Central, <keyword id="6357823" type="COMPANY" weightage="60" keywordseo="Big-Bazaar">Big Bazaar</keyword>, Foodhall, Planet Sports, Brand Factory, <keyword id="8940" type="CITY" weightage="60" keywordseo="Home-Town">Home Town</keyword> and eZone.

Amazon India, Future Group Enter Into An Alliance

<a href="http://www.businessinsider.in/searchresult.cms?query=Baba+Ramdev">Baba </a><a href="http://www.businessinsider.in/searchresult.cms?query=Baba+Ramdev">Ramdev</a>'s <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali Ayurved</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani">Kishore </a><a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani">Biyani</a>-led <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Group">Future Group</a> announced a strategic partnership today. The aim of the collaboration is to use Patanjali's brand equity of promoting a healthy alternative lifestyle coupled with <keyword id="44949" type="CITY" weightage="80" keywordseo="Future-group">Future group</keyword>'s retail muscle. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Future+Group">Future Group</a> would set up <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali Ayurved</a> stores and market and distribute the yogi's products at their outlets. This would allow <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali</a> to reach KB's, Aadhar and Nilgiris in over 245 cities and towns across the country. 
 
When asked if the company is planning to venture into the lucrative e-commerce sector Acharya Balkrishna, MD, <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali</a> says, “It’s difficult for us to get into e-commerce due to our thin margins. We would have to hike prices or decrease quality to get in. That is not a part of our policy. We may try with some categories, but not all.” 
 
Patanjali sells over Rs. 50 lakhs to 1 Crore worth products per month from its website currently. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Baba+Ramdev">Baba Ramdev</a> is incredibly optimistic about the ‘desi’ partnership. “We'll revolutionize the retail industry. We would offer products without discounts at prices that most brands do with discounts”, he declared. 
 “There is a lot of avenue for herbal products in the Indian market. We may also consider a manufacturing relationship with Patanjali”, <keyword id="44950" type="PERSON" weightage="80" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, CEO, <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Group">Future Group</a> said. 
 
When asked if <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali</a>'s appeal might eat into <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Group">Future group</a>'s in-house brand revenues <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani">Biyani</a> smiles. "There would be products from <a href="http://www.businessinsider.in/searchresult.cms?query=Unilever">Unilever</a>, Future and other brands including <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali</a>. The best product would sell the most", he says. Ramdev adds, "We believe there should be a healthy competition between Swadeshi brands and MNCs.” 
 
While Biyani was tight-lipped about exporting <a href="http://www.businessinsider.in/searchresult.cms?query=Patanjali+Ayurved">Patanjali</a> products under his brand, Acharya Balkrishna revealed to BI India that the company already ships tonnes of its honey to the US.

Maverick Yogi Ramdev Baba just
proved he is a marketing genius!

New Delhi, Nov 15 () Leading global investment firm Blackstone has invested Rs 1,750 crore in Kishore Biyani led Future group firm Future Lifestyle Fashions Ltd (FLFL).
 "Funds managed by Blackstone have invested Rs 1,750 crore (including by way of debentures) in Ryka Commercial Ventures, the holding company of FLFL," the company said.
 It further added that: "With this transaction, Blackstone will be the only financial partner in Ryka. As a part of the transaction, Blackstone has also acquired a 6 per cent stake in FLFL through a block deal with Ryka."
 "FLFL and the Future Group are expected to benefit from Blackstone's portfolio operations team to create value in its business," the statement said.
 The fund would be utilised to "retire/pre-retire" all existing financial obligations of Ryka.
 "We have been impressed with the business that Kishore Biyani has built at Future Group and are delighted to support Future Group in this journey," Kishore Moorjani, Head of Blackstone Tactical Opportunities, Asia said.
 FLFL is an integrated branded fashion company and operates in-house retail chains like Central, Brand Factory and Planet Sports along with a portfolio of 20 domestic and global fashion brands.
 "This is our first investment in this sector. We look forward to being a value-added investor as FLFL and the Future Group continue to cater to the fashion needs of aspiring India," Blackstone Managing Director Luv Parikh said.
 Future Group CEO Kishore Biyani said: "Blackstone will support us in the continued growth of our fashion business, bringing global perspectives that will help us take FLFL to the next level."
 As on September 30, 2019, FLFL has 349 stores measuring 7.3 million sq feet retail area. It has 48 Central stores and 100 Brand Factory besides 201 Exclusive Brand Outlets (EBOs).
 It has a diversified portfolio spanning 30 fashion brands (both owned and licensed) such as Lee Cooper, Indigo Nation, Jealous 21, BARE among others.
 It had reported a revenue of Rs 5,377.41 crore for FY 2018-19. KRH DRR

Blackstone invests Rs 1,750 cr in Future Lifestyle Fashions, acquires 6 pc in Ryka

<ul><li>In a board meeting today, <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> approved to issue non-convertible debentures for upto ₹650 crore.</li><li><keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> led Future <keyword id="6354851" type="UNKNOWN" weightage="20" keywordseo="retail">Retail</keyword> has rising debts as well as loss in revenue due to the coronavirus pandemic in its increasing list of problems.</li><li>Future Consumer is currently looking to raise ₹300 crore through a rights issue.</li></ul>Kishore Biyani led Future Retail is looking to raise money through cheaper loans to repay some of its debt that has piled up to nearly $2 billion. Investors cheered the approval from the Board of Directors and the stock of Future Retail, which runs <keyword id="6357823" type="UNKNOWN" weightage="20" keywordseo="big-bazaar">Big Bazaar</keyword>, Eazyday stores across India, jumped as much as 5% <div type="image" title="future retail latest." msid="76029094" hostid="261"></div> In a board meeting today, Future Retail approved to issue non-convertible debentures for upto ₹650 crore. The filing on the stock exchange says that it will be done in “one or more tranches from time to time mainly to replace its existing high cost current or near term maturity debts requirements.” Biyani has been struggling to find investors for some time now. Future Consumer is currently looking to raise ₹300 crore through a rights issue. By March 2020, ratings agency ICRA had already placed a negative rating on Biyani’s company because of its debt. “Icra notes the increase in debt is mainly on account of an increase in debt of the operating companies, with the total debt at the group’s listed companies increased to ₹12,778 crore as on 30 September 2019 from ₹10,951 crore as on March 31, 2019," the rating agency said. The rising debt is coupled with the problems from the coronavirus pandemic where Future Retail has seen its revenues take a serious hit. In the third quarter of FY20 ending December 2019, Future Retail posted a 15% fall in profit and a 3% fall in revenue. The disruptions due to COVID-19 pandemic will only make it worse. The chain of stores don’t just sell grocery but a major source of its revenue comes from its apparel section which saw no sales for the lockdown period. ““Future Retail is only able to sell its lower-margin essential items, which has led to monthly sales declining by around 75% in March and April 2020 from normal levels, and continues to limit Future Retail’s ability to generate cash to meet working capital requirements,” <a href="https://www.forbes.com/sites/anuraghunathan/2020/05/15/indian-retail-pioneer-faces-stress-test-amid-coronavirus-pandemic/#77e2274a11ae">Fitch reportedly said citing ‘substantial risk’ to its rating.</a> See Also: <a href="https://www.businessinsider.in/business/startups/news/byjus-co-founder-reveals-that-revenue-has-doubled-to-2800-crore-in-a-year-and-that-is-just-the-start-of-a-glorious-run/articleshow/76026424.cms">EXCLUSIVE: BYJU’s co-founder reveals that revenue has doubled to ₹2800 crore in a year⁠ — and that is just the start of a glorious run</a>

Future Retail is looking to get cheaper loans to pay off old debts⁠— that’s good enough for the stock to jump 5%

In a letter to the National Stock Exchange, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Consumer Enterprise Limited (<keyword id="1968924" type="UNKNOWN" weightage="20" keywordseo="FCEL">FCEL</keyword>) has become a majority stakeholder of the Integrated Food Park Private Limited, a public-private partnership based mega Food Park. The company picked up an additional equity shares of up to 28.86% of the paid up capital. 
	 “With the present acquisition, FCEL holds 73.89% of the paid-up capital of <keyword id="2719516" type="UNKNOWN" weightage="20" keywordseo="IFPPL">IFPPL</keyword>. This may please be also considered as compliance in terms of the applicable provisions of the Listing Agreement,” said the company in the letter. 
	 
	It should be noted that the mega food project was launched last year in September 2014, in Tumkur in Karnataka while a special purpose vehicle, Integrated Food Park Private Limited, was set-up in Bangalore. According to reports, the project has been launched under Ministry of Food Processing Industries to support the food processing sector.

Kishore Biyani’s Future Group picks up higher
stake in IFPPL

The arbitration proceedings between Amazon and Kishore Biyani have begun in Singapore. Former Attorney General of Singapore, V.K. Rajah concluded arbitration hearing on Friday, October 16 and will deliver his ruling on or before Monday, October 26, sources said. Rajah, former Attorney General of Singapore, is the sole arbitrator in the Amazon vs. Future vs. Reliance arbitration matter. An emergency hearing of the arbitration took place in Singapore on Friday. Harish Salve appeared for the Future Retail (being acquired by RIL) while Singapore based lawyer, Davinder Singh appeared on behalf of Future Coupons Pvt Ltd. (FCPL) -- the holding company of Kishore Biyani. Gopal Subramanium, former Solicitor General of India, appeared for Amazon. The hearing is said to have lasted for 5 hours. The arbitrator V.K. Rajah said that he would deliver his judgment on or before Monday. That judgement will eventually decide the fate of Reliance's deal with the Future Group. Amazon's investment in FCPL is around Rs 1,500 crore, which is an insignificant amount for <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> -- the richest man in the world and CEO of Amazon. According to experts, Amazon's legal salvo at Future is indirectly aimed to thwart Reliance's attempt to establish its leadership position in the Indian retail sector. Analysts see this as a war between world's richest man Jeff Bezos, having a networth of $204.6 billion and India's richest man, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> with a (net worth $ 88.4 billion for a control over India's retail sector.

You Searched For "Kishore Biyani" and got 12 results

Kishore Biyani is no longer the Managing Director of Future Retail

BI India Bureau

Kishore Biyani heaves a sigh of relief as SAT stays the SEBI ban until further notice

IANS

Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude

IANS

Amazon prepares for the Mukesh Ambani challenge with a bet on Future Group – but Kishore Biyani's shareholders aren't happy

Sanchita Dash

SEBI fines Future Corporate Resources, Kishore Biyani, 13 others for open offer lapses

PTI

Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court

Sanchita Dash

Amazon India, Future Group Enter Into An Alliance

BI India Bureau

Maverick Yogi Ramdev Baba just proved he is a marketing genius!

Saikat Pyne

Blackstone invests Rs 1,750 cr in Future Lifestyle Fashions, acquires 6 pc in Ryka

PTI

Future Retail is looking to get cheaper loans to pay off old debts⁠— that’s good enough for the stock to jump 5%

Sanchita Dash

Kishore Biyani’s Future Group picks up higher stake in IFPPL

Purba Das

Jeff Bezos and Mukesh Ambani's legal battle - a possible verdict on Monday will decide the fate of Reliance-Future Retail's deal

IANS

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