Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, today announced that it is acquiring the Kishore Biyani-promoted Future Groups retail, wholesale, logistics, and warehousing businesses on a slump sale basis for Rs 24,713 crore. A slump sale is when a business is sold for a lump sum consideration without values being assigned to the individual assets and liabilities. The deal value is subject to adjustments set out in the composite scheme of arrangement.

Under the scheme, Future Group will merge certain companies carrying on the abovementioned businesses into Future Enterprises Limited (FEL).

Here is a look at the swap ratio for the merger of the various listed Future Group arms into Future Enterprises. A cursory glance shows that the deal is positive for shareholders in all Future Group arms, with the exception of Future Enterprises.

Shareholders of Future Consumer will get 9 shares of FEL for every 10 held. This values Future Consumer at Rs 18 compared to its last closing price of  Rs 11.5  (57 percent premium).

Shareholders of Future Lifestyle Fashions will get 116 shares of FEL for every 10 held. This values Future Lifestyle Fashions at Rs 232 compared to its last closing price of  Rs 145  (60 percent premium).

Shareholders of Future Retail will get 101 shares of FEL for every 10 held. This values Future Retail at Rs 202 compared to its last closing price of  Rs 135.20  (49 percent premium).

Shareholders of Future Supply Chain will get 131 shares of FEL for every 10 held. This values Future Supply Chain at Rs 262 compared to its last closing price of  Rs 151  (74 percent premium).

Shareholders of Future Market Network will get 18 shares of FEL for every 10 held. This values Future Market Network at Rs 36 compared to its last closing price of  Rs 27 (35 percent premium).

First Published: 

IST

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