Future Retail shares gain on acquiring this furniture company

Kishore Biyani’s Future Retail has agreed to buy the entire equity shares of FabFurnish.com owned and operated by Bluerock eServices (BEPL) as per the share purchase agreement. Consequent to acquisition of the entire share capital, BEPL will become a subsidiary of the company.

Bluerock eServices reported a turnover of Rs 78.93 crore in FY14-15 and Rs 47.22 crore in FY13-14.

Future Retail (formerly known as Pantaloon Retail (India)) is India’s leading retail chain and part of Indian conglomerate Future Group, acquired 100 per cent of equity share capital of FabFurnish.com at Rs 4.86 per share.

The promoters holding in the company stood at 51.93 per cent while institutions and non-institutions held 26.61 per cent and 21.46 per cent, respectively.

Future Retail shares were trading 1.92 per cent up at Rs 129.90 at 11.55 am.