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Future Enterprises board to meet on Saturday to discuss fund raising

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Future Enterprises, which currently holds all retail backend operations and infrastructure of Future Group, said its board will meet on Saturday to discuss fundraising plans.

In a stock exchange notice late Wednesday, it said the meeting will evaluate proposals to raise funds by way of issuance of bonds including debentures/non-convertible debt instruments/securities and/or any other instruments/securities including through the private placement or through any other permissible mode or any combination thereof, as may be decided by the board.

The group that runs 1,700 supermarkets and lifestyle stores including Big Bazaar and Central among others is in talks with Reliance Industries to sell out majority of its stake.

As part of the deal, Future Group could merge five listed units across grocery, apparel, supply chain and consumer business into Future Enterprises.

The Kishore Biyani promoted group is burdened with net debt of about Rs 12,989 crore with all shares of promoters being pledged with lenders.

Last month, its flagship business – Future Retail – said it is trying to improve operating cash flows through bank funding or arranging for alternative sources of finance, including the sale of certain assets. It also said liquidity could improve with a potential equity recapitalisation, which could bring in a strategic investor.

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