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Future Retail's Rs 1,600-crore rights issue to open on January 15

Future Retail's Rs 1,600-crore rights issue to open on January 15

The issue opens on January 15, 2015 and closes on Jan 29, 2015. Last date for request for split application forms is January 22, 2015, Kishore Biyani-led company said.

Future Retail promoter Kishore Biyani (Photo: Reuters) Future Retail promoter Kishore Biyani (Photo: Reuters)

Future Retail promoted by Kishore Biyani on Tuesday said its Rs 1600 crore rights issue will open on January 15, 2015 and close on January 29, 2015.

"The committee, in its meeting held on December 23, 2014, has finalised issue opening, closing dates and last date for request for split application forms of the equity shares," Future Retail said in a Bombay Stock Exchange (BSE) filing.

"The issue opens on January 15, 2015 and closes on January 29, 2015. Last date for request for split application forms is January 22, 2015", the company added.

Split application forms enable shareholders to renounce a part of their entitlement and apply for the rest of it or the shareholders can renounce their entitlement in favour of more than one person.

On October 15, Future Retail received market regulator Sebi's approved to raise up to Rs 1,600 crore through rights issue.

The company had filed its application with the Securities and Exchange Board of India (Sebi) for the proposed rights issue in July.

Sebi issued its final observations on the draft offer documents on October 10.

In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

Future Retail is the flagship company of Future Group and is into organised multi-format retail business in India.

The company has retail stores in various formats, including food, fashion apparels, accessories and footwear, general merchandise, consumer durables and electronics.

The firm has pan-India presence with over 320 stores in nearly 100 cities.

Published on: Dec 23, 2014, 2:10 PM IST
Posted by: Swati Verma, Dec 23, 2014, 2:10 PM IST