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Future Consumer plans to raise Rs 280 cr from Verlinvest SA and IFC

twitter-logo PTI        Last Updated: April 15, 2019  | 15:43 IST

New Delhi, Apr 15 (PTI) Future Consumer Ltd, part of Kishore Biyani-led Future Group, plans to raise around Rs 280 crore through issuance of debentures to Verlinvest SA and the International Finance Corporation (IFC) on a preferential basis. The company has sought shareholders' nod on the proposal to issue compulsorily convertible debentures (CCDs) of face value of Rs 1,00,000 each, for an aggregate amount of the rupee equivalent of USD 10 million (about Rs 69.26 crore) to Verlinvest SA on a preferential basis. It has also sought shareholders' nod to issue CCDs of a face value of Rs 1,00,000 each, for an aggregate amount of up to Rs 210 crore to IFC on a preferential basis. Future Consumer Ltd, which is engaged in developing, processing, marketing and distribution of food and fast-moving consumer good (FMCG) products under its owned brands, said it is constantly expanding its portfolio of established food and FMCG brands. The objective of the proposed preferential allotment of CCDs is to utilise the amount for the purpose of repayment of high-cost debt, capital expenditure and working capital requirements and investments in joint ventures and business alliances, the company added. The company, subject to necessary consents and approvals, is also proposing to offer, issue and allot warrants to Future Capital Investment Pvt Ltd, a promoter company, up to an aggregate value of Rs 70 crore on a preferential basis. PTI SVK HRS

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