Kishore Biyani’s Future Enterprises board is scheduled to discuss fundraising today. Meanwhile, the company has deferred its board meeting to consider Jan-Mar quarter results to September 7, which was earlier scheduled for yesterday. In today’s board meeting, the company 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 company in a regulatory filing informed that it has postponed its meeting which was scheduled to be held on August 28, for consideration and approval of audited financial results of the company for the quarter and year ended 31st March 2020 due to non-completion of audit process of financial results. In another development, according to various media reports, Future Enterprises was likely to finalise the stake sale of its retail business to Mukesh Ambani’s Reliance Industries today, but this too has been adjourned now.
Future Enterprises share price surged 4.94 per cent to close at Rs 20.20 apiece on Friday. The stock has rallied over 167 per cent from its April low of Rs 7.55 apiece, taking the market capitalisation of the company to Rs 998.50 crore. Last week, Kishore Biyani’s Future Retail made a $14 million interest payment on 5.6 per cent senior secured USD notes due 2025 hours ahead of its 30-day grace period deadline and averted loan default. Future Retail had missed its previous deadline of July 22, 2020, to make the interest payment. In July, the company informed its proposal to make payment of the interest within 30 days from the interest due date on the USD Notes. It further added that the company is in the process of ensuring that payment of such interest is made within this additional time period