SME Times News Bureau | 23 Aug, 2019
Shares of Future Retail settled over 5 per cent lower on the Bombay
Stock Exchange (BSE), as the company announced that Amazon will acquire a
49 per cent stake in Future Coupons.
Future Coupons holds a 7.3 per cent stake in Future Retail.
The
shares of Futures Retail on the BSE closed at Rs 390 per share on
Friday, lower by Rs 23.45 or 5.67 per cent from its previous close.
The
company in a regulatory filing on Thursday evening said: "We have been
informed by Kishore Siyani on behalf of the existing shareholders
forming part of the promoter group and Future Coupons Limited
(Promoters) that they have entered into a share subscription agreement
and a shareholders' agreement with Amazon.Com NV Investment Holdings LLC
(Amazon)."
"Amazon has agreed to make an equity investment in
Future Coupons Limited for acquiring a 49 per cent stake comprising
both, voting and non-voting shares," it said.
As part of the
agreement, Amazon has been granted a call option which allows Amazon to
acquire all or part of the promoters' shareholding in Future Retail and
is exercisable between the third to tenth years, in certain
circumstances, subject to applicable law.
