Future Lifestyle Fashion to deleverage balance sheet

04 Mar '17

1 min read

Courtesy: Future Lifestyle Fashion

Future Lifestyle Fashions (FLF), a subsidiary of Future Group plans to raise money by transferring its investments in its various fashion brands. The Future Group subsidiary will transfer identified investments to a wholly owned special purpose vehicle (WOSPV). FLF plans to utilise the funds for deleveraging its balance sheet and other purposes.

This was informed by FLF in a notice to seek shareholder approval, to form the WOSPV. The notice also added that the focus on such Investee companies could be substantially enhanced if the investments held are transferred to a WOSPV.

"The company would be utilising the funds raised by transfer of identified Investments to WOSPV for deleveraging its balance sheet as well as for general corporate purpose, restricting usage for general corporate purpose to 25 per cent of the amount realised by transfer of the identified investments to WOSPV," the notice stated.

The company currently holds investments in Future Style Lab, Rachika Trading, Mineral Fashions, Turtle, Elisir Lifestyle, Eclat Lifestyle Private Limited, Resource World Exim, Celio Future Fashion, Holii Accessories, etc.

Fibre2Fashion News Desk – India

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