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Future Retail raises Rs 500 crore more via NCDs
21
Apr '15
Kishore Biyani led Future Retail raised an additional Rs 500 crore through a non-convertible debentures (NCDs) issue on private placement basis.

In a BSE filing, Future Retail said its directors allotted 5,000, 10.10 per cent secured redeemable NCD’s of Rs 10 lakh each, aggregating to Rs. 500 crore on private placement basis.

“The said NCDs shall be listed on Wholesale Debt Market Segment of BSE Limited,” Future Retail added in the filing.

According to the company, these NCDs have been rated CARE AA- (Double A minus) by Credit Analysis & Research Limited (CARE).

It may recalled that earlier this month, the company which has various retail formats under its umbrella had raised Rs 600 crore through a similar manner.

In an earlier communication, Future Retail had said it planned to raise up to Rs 1,500 crore through debt instruments to replace high cost loans and invest on brand building and marketing.

The company had sought approval from its shareholders for raising up to Rs 1,500 crore through issue of non-convertible debentures on private placement basis.

Future Retail is a multi-format retailer, which operates through over 10 million square feet of retail space and serves customers in more than 95 cities across India.

Its various formats include, Big Bazaar, Fashion Big Bazaar (FBB), Food Bazaar, Food Hall and around 300 million customers walk into its stores each year and it employs over 36,000 people. (AR)

Fibre2fashion News Desk - India

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