Future Group stocks lock in at upper circuits, Future Retail zooms by 11 per cent

Future Enterprises Ltd (FEL) announced that a meeting of the company’s board of directors is scheduled to be held for considering proposals of raising funds. Reacting to the announcement, the shares of various Future Group-owned companies soared high on Thursday.

The company in its filing to exchanges said that it is looking at raising funds by way of issuance of bonds including debentures or non-convertible debt instruments or securities or any other instruments including private placement or via any other permissible mode, subject to further approvals.

Market reports suggest that the company's board may also look at the prospects of merging three other listed entities of Future Group with FEL. Post completion of the merger, Reliance Industries may make its investment to own a 50 per cent stake in the merged entity further leading to the dilution of the stake of a global retail giant, Amazon, in one of Future Group's companies.

Recently, Future Retail informed that it had made a payment of interest on USD 14 million for half a year ended thus, avoiding any defaults.

On Thursday, the shares of Future Consumer Ltd, Future Lifestyle Fashions, and Future Enterprises locked in at their respective upper circuits while the stock price of Future Retail surged by Rs 12.85 per share or by 10.95 per cent to Rs 130.15 per share. However, erasing its day’s gains, stock of Future Supply Chain Solutions closed in red down by 0.07 per cent on BSE.