Completes investee brands value unlocking to tune of Rs 700 crore
Future Lifestyle Fashions (FLF) announced the completion of Rs 250 crore fund raise in the Lee Cooper business, a leading brand in its portfolio.FLF has moved the Lee Cooper brand business to Future Speciality Retail (FSRL), a step down subsidiary of FLF, on 29 March 2017. FSRL has issued Compulsorily Convertible Preference Shares ('CCPS') aggregating Rs 250 crore to FSRL CCPS Trust. FLF has entered into an investment agreement with the CCPS subscribers, which also allows them to exit at an agreed price as per the terms of the investment agreement. The CCPS are convertible into 26% equity of FSRL on fully diluted basis on or before 48 months from the date of subscription of the CCPS. The articles of association of FSRL have been suitably amended to reflect the terms of the investment agreement.
This transaction along with the investee brands value unlocking has resulted in a combined Rs 700 crore fund raise for FLF.
Powered by Capital Market - Live News