Nov 11, 2013, 11.00 AM IST
FVRL, which runs the group's signature retail chains Big Bazaar and Food Bazaar, has convertible debentures worth Rs 685 crore. After the merger, these would be replaced by debentures of Future Retail, formerly Pantaloon Retail.
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Have issued all necessary clarifications to Sebi: Biyani
FVRL, which runs the group's signature retail chains Big Bazaar and Food Bazaar, has convertible debentures worth Rs 685 crore. After the merger, these would be replaced by debentures of Future Retail, formerly Pantaloon Retail.
Like this story, share it with millions of investors on M3
Have issued all necessary clarifications to Sebi: Biyani
FVRL, which runs the group's signature retail chains Big Bazaar and Food Bazaar, has convertible debentures worth Rs 685 crore. After the merger, these would be replaced by debentures of Future Retail, formerly Pantaloon Retail.
The worry that there would have been a dilution is an incorrect worry.
Rakesh Biyani
Joint MD
Pantaloon Retail
Market regulator Sebi is taking a close look at the Biyani-owned Future Retail 's restructuring plan of Future Retail. Media reports suggested that Sebi has raised objections to the proposed deal, which involves the merger of subsidiary Future Value Retail Ltd (FVRL) with Future Retail, on concern that the move might lead to dilution of a sizeable equity in the listed parent, hurting minority shareholders.
FVRL, which runs the group's flagship retail chains Big Bazaar and Food Bazaar, has convertible debentures worth Rs 685 crore. After the merger, these would be replaced by debentures of Future Retail, erstwhile Pantaloon Retail.
Also Read: Pantaloons Q2 net loss at Rs 43.5cr
However, in an interview to CNBC-TV18, Rakesh Biyani of Future Retail clarified that there won't be any dilution and these debentures will be redeemed and replaced. "The response is already filed with Sebi and we expect that Sebi will be giving us the request permission very shortly," he says.
In FY12, Future Retail approved the move to absorb wholly-owned subsidiary Future Value Retail, which runs more than 200 stores as part of chains such as Big Bazaar and Food Bazaar, with effect from July 1, 2012. Of Future Value's total debt, 685 crore is in the form of compulsorily convertible debentures (CCDs), according to its annual report, which worries the Sebi, which is yet to approve the plan.
Biyani says the company plans to redeem the entire about of Rs 685 crore and it sees no change in the gross debt of the company.
Future Retail stock price
On November 11, 2013, at 11:10 hrs Future Retail was quoting at Rs 75.90, down Rs 3.8, or 4.77 percent. The 52-week high of the share was Rs 275.75 and the 52-week low was Rs 63.30.
The latest book value of the company is Rs 143.47 per share. At current value, the price-to-book value of the company was 0.53.
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