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<keyword id="12792045" type="General" weightage="100" keywordseo="Future-Lifestyle" source="Orion">Future Lifestyle</keyword> Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the <keyword id="5961445" type="General" weightage="20" keywordseo="corporate-insolvency-resolution-process" source="Orion">corporate insolvency resolution process</keyword> (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of Rs 2,117.03 crore and claims worth Rs 38.5 crore are "under verification", said the latest data shared by Future Lifestyle Fashions Ltd (<keyword id="1567510" type="General" weightage="80" keywordseo="flfl" source="Orion">FLFL</keyword>) on the exchanges. As per the provision of the Insolvency &amp; Bankruptcy Code, a Committee of Creditors (CoC) of FLFL has been formed and it will have its first meeting next week. "We wish to inform you that the first meeting of CoC of Future Lifestyle Fashions Limited (under CIRP) will be held on Tuesday, June 6, 2023," it said. On May 4, the Mumbai bench of the National Company Law Tribunal(NCLT) had directed to initiate CIRP against FLFL, admitting a petition from Bank of India. This is the third company of the <keyword id="6361562" type="General" weightage="50" keywordseo="kishore" source="Orion">Kishore</keyword> Biyani-led Future Group to be dragged into CIRP by its creditors for defaulting on loans. Its flagship firm <keyword id="1636009" type="General" weightage="50" keywordseo="future-retail-ltd" source="Orion">Future Retail Ltd</keyword> and logistics and infra arm Future Enterprises are already facing insolvency proceedings. FLFL was considering asset monetisation to pare its debts, however, it did not materialise. It had entered into a One Time Restructuring (OTR) Plan with lenders also. The company has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs) of nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana in its portfolio. According to the regulatory filing, State Bank of India leads the CoC of FLFL with 22.51 per cent voting share. It had an admitted loan of Rs 476.59 crore. It is followed by Centbank Financial Services Ltd, a debenture trustee, having 21.01 per cent voting share with admitted claims of Rs 444.76 crore. The petitioner Bank of India has a 19.71 per cent voting share with admitted claims of Rs 417.33 crore and Bank of Baroda has a 14.02 per cent voting share with an admission of Rs 296.79 crore of claims. FLFL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to <keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> as part of a Rs 24,713-crore deal announced in August 2020. The deal was called off by billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that, Future Group companies had several defaults on payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/meta-unveils-vr-headset-quest-3-ahead-of-apples-wwdc-event/articleshow/100698048.cms">Meta unveils VR headset 'Quest 3' ahead of Apple’s WWDC event</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/2-in-3-indian-screenwriters-lament-lack-of-pay-incentives/articleshow/100700189.cms">Behind the scenes: 2 in 3 Indian screenwriters lament lack of pay incentives</a>

Future Lifestyle Insolvency: RP receives claims of ₹2,155.53 cr from financial creditors

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

New Delhi, Feb 20 () Kishore Biyani-led Future Lifestyle Fashions on Thursday said its board has approved raising over Rs 610 crore from its promoters and IFC, which will be used for enhancing stake in subsidiaries and debt reduction. The board of directors of the company at its meeting held on Thursday also approved an enabling resolution to raise Rs 400 crore through issue of of non-convertible debentures (NCDs) or other securities on private placement basis in one or more tranches within a period of one year, Future Lifestyle Fashions Ltd (FLFL) said in a regulatory filing. The board approved issuance of 51,44,927 equity shares of face value of Rs 2 at an issue price of Rs 414 each, aggregating Rs 213 crore on preferential basis to International Finance Corporation (IFC), a member of the World Bank group. Further, the board also approved issue of 96,61,835 equity shares of face value of Rs 2 each at an issue price of Rs 414 per share totalling just a tad below Rs 400 crore on preferential basis to FQS Trading Pvt Ltd, a promoter group entity, it added. "The proposed fund raise from IFC and promoter entity, would be inter-alia utilised towards enhancing stake in subsidiaries and associates of FLFL and debt reduction," the company said. Apart from being EPS (earning per share) accretive, optimising cost and improving cash flows, this will simplify FLFL's operations and investment structures, it added. FLFL said its board also approved an enabling resolution giving authority to issue non-convertible debentures (NCDs) or other securities on private placement basis for a value up to Rs 400 crore in one or more tranches, within a period of one year, subject to approval by shareholders. "This will be utilised towards replacing existing debts in the company to improve maturity profile and reduce overall finance cost," it said. RKL RVK

Future Lifestyle Fashions to raise over Rs 600 cr from promoters, IFC

<ul><li>At 7:50 am, the SGX Nifty was down 0.44%, indicating a subdued start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amidst negative cues from global markets, Indian stock-market indices are likely to open on a tepid note on Thursday. At 7:50 am, the SGX Nifty was down 0.44%, indicating a subdued start for Nifty50. US equities also fluctuated on Wednesday as investors sold off technology stocks that benefited from virus lockdowns. The Dow Jones Industrial Average closed 23.29 points lower, whereas, the S&amp;P 500 closed 0.77% higher. These are the stocks to watch out for during the trading session today: SpiceJet Budget carrier SpiceJet on Wednesday reported a net loss of ₹112.6 crore for the quarter ended September 30. It had posted a net loss of ₹462.6 crore for the corresponding period last year. The airline’s total income stood at ₹1,305 crore in the quarter, down from ₹3,074 crore in the year-ago period. The shares of SpiceJet ended 6% higher on Wednesday. Reliance Industries The Competition Commission of India (CCI) on Wednesday said it had approved internet major Google’s proposed purchase of 7.73% stake in Jio Platforms. The transaction will facilitate Google and Jio Platforms Ltd (JPL) to develop and launch a new smartphone in the country. In July, it was announced that Google had agreed to invest ₹33,737 crore to buy a 7.7% stake in the Reliance Industries’ technology venture. The shares of Reliance Industries ended 4% lower on Wednesday. Coal India State-run Coal India Ltd on Wednesday reported a 16 per cent fall in its consolidated net profit to ₹2,951 crore in the second quarter ending September 30. The miner had posted a net profit of ₹3,523 crore in the year-ago period. Although, the company’s revenue from sales was at ₹19,484 crore during the quarter under review as against ₹18,986 crore in the year-ago period. The shares of Coal India ended 1% higher on Wednesday. Power Grid State-owned Power Grid posted an over 20% rise in consolidated net profit to ₹3,094.10 crore in the September quarter, mainly due to higher revenues. Total income during the period under review rose to ₹9,831 crore from ₹9,260.46 crore in the same period a year ago. The shares of Power Grid ended 2.14% higher on Wednesday. Apollo Hospitals Corporate hospital major Apollo Hospitals is set to acquire the remaining 50% stake in Apollo Gleneagles Hospitals held by Gleneagles Development PTE Ltd, Singapore for ₹410 billion. Consequent to this development, Apollo Gleneagles would become a 100% wholly-owned subsidiary of the city-based Apollo Hospitals. The shares of Apollo Hospitals ended 8% higher on Wednesday. Happiest Minds Tech Ashok Soota backed Happiest Minds Tech has entered into a strategic partnership with lo-Tahoe to provide their clients with effective data discovery and governance solutions. The shares of Happiest Minds Tech ended 2% higher on Wednesday. Future Lifestyle Fashion CARE Ratings has downgraded long-term bank facilities and NCDs from CARE BB to CARE C, with outlook staying unchanged at credit watch with negative implications for Future Lifestyle Fashion. Kotak Mahindra Asset Management<a href="https://worldsnews.biz/future-group-excellent-bonds-commerce-as-excessive-as-50-as-amazon-tussle-over-ril-deal-intensifies/"> Company has also sold a part of its holding</a>s in Future Lifestyles Fashions (FLFL) in the past three days at yields in the range of 35-50%. The shares of Future Lifestyle Fashion ended 1% higher on Wednesday. Coffee Day Enterprises Coffee Day Enterprises told investors that the exchanges had given a notice for compulsory delisting of the company. Eicher Motors, IRCTC, Mazagon Dock Shipbuilders and Page Industries Eicher Motors, IRCTC, Mazagon Dock Shipbuilders, Page Industries and others are slated to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a>

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Future Lifestyle Insolvency: RP receives claims of ₹2,155.53 cr from financial creditors

PTI

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

PTI

Future Lifestyle Fashions to raise over Rs 600 cr from promoters, IFC

PTI

Top stocks to watch — RIL, SpiceJet, IRCTC, Mazagon Dock Shipbuilders, Coal India, Power Grid, Future Lifestyle, Happiest Minds Tech and others

Navdeep Yadav

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