CCI clears FLFL proposal to divest Lee Cooper
March 28, 2017 - India
The Competition Commission (CCI) of India has approved the proposal of Kishore Biyani owned Future Lifestyle Fashions Ltd (FLFL), to transfer the business of Lee Cooper brand, to its step up subsidiary, Future Speciality Retail Ltd (FSRL). FSRL is a wholly owned subsidiary of Future Trendz Ltd (FTL), which in turn is a wholly owned subsidiary of FLFL.
According to media reports, FSRL would issue compulsorily convertible preference shares amounting to Rs 250 crore to FSRL CCPS Trust, whose trustee is Beacon Trusteeship Ltd.
As per the proposal given to the commission, the convertible preference shares will be converted into 26 per cent equity of FSRL on or before 48 months from the date of subscription. (AR)