Future Lifestyle moves Lee Cooper business to subsidiary

April 03, 2017 - India

Future Lifestyle Fashions Ltd (FLFL) has transferred its Lee Cooper apparel brand business to a wholly owned subsidiary, Future Speciality Retail Ltd (FSRL). FSRL has issued and allotted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1 crore each to FLFL.

"The company has transferred its Lee Cooper business to Future Speciality Retail Limited, a wholly owned subsidiary of the company by way of a slump exchange on a going concern basis," FLFL was quoted as saying in a BSE filing by a news agency.

FSRL shall inter-alia carry on the Lee Cooper business and there will be no change in the shareholding pattern of FLFL.

"FSRL has issued and allotted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1 crore each to the company," the filing said.

According to the Kishore Biyani led company, the transfer of the Lee Cooper business into a separate entity, will lead to better focus, execution and faster scale up of the business. (AR)