Future Retail (FRL) on Tuesday announced that it had received the approval from the Competition Commission of India (CCI) to raise around Rs 2,000 crore by issuing close to 3.96 crore equity warrants to its promoter group entity Future Coupons (FCL) on a preferential basis. The shareholding of the promoter and promoter group in FRL was 47.02% at the end of March 2019. The warrants have been allotted at Rs 505 each, with an option to convert them at a premium of `503 per share. The Future Retail stock closed at Rs 423.85 on the BSE on Tuesday. Each equity warrant is convertible into one equity share, and the conversion option should be exercised by warrant holder (FCL in this case) during the period of 18 months in one or more tranches, say the Sebi guidelines. According to media reports on April 15, Amazon plans to acquire 49% stake in Future Coupons, which would mean the online retailer would effectively own 9% in the Future Retail once the firm raises `2,000 crore through the issue of warrants. However, both Amazon and FRL have refused to comment on the deal, saying they do not pass remarks on speculation. According to the revised FDI norms on e-commerce, an entity having equity participation by an e-commerce company cannot sell its products on the platform run by such marketplace entity. Thus, Amazon cannot directly buy a stake in Future Retail or else the retailer can't sell its products on Amazon.