Future Lifestyle soars by 3 per cent on back of block deal

The share price of Future Lifestyle Fashions jumped by over 3 per cent on the bourses in the intraday trade on Tuesday, following a block deal wherein media heavyweight Bennett Coleman & Co bought the company's equity shares.

According to reports, Bennett Coleman & Co has bought 34 lakh shares of Future Lifestyle Fashions, summing up to 1.8 per cent of the total equity. The company bought the shares at Rs. 438 per share.

Recently, the company had also announced that L Catterton Asia will be acquiring about 10 per cent stakes in Future Lifestyle through a combination of preferential allotment and secondary purchase of shares.

In Tuesday’s trade, Future Lifestyle Fashions posted an intraday high of Rs. 434 per share and an intraday low of Rs. 422.20 per share on BSE. The stock had recorded its 52-week high of Rs. 481 per share on May 10, 2018 and its 52-week low of Rs. 271.65 per share on May 23, 2017 on BSE, respectively.

At 12:45 hours IST, the stock was trading at trading at Rs. 429.05 per share, up by 2.03 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 34,686.91 level, higher by 0.20 per cent and NSE Nifty50 was trading at 10,539.60 level, up by 0.22 per cent.