Future group seeking buyers for insurance arm to pay off its debt

The total market capitalisation of the group's listed firms fell to Rs 10,740 crore from Rs 42,000 crore reported a year ago

The Future group is looking for a buyer for its insurance venture to ease pressure on the promoter entities to pay off its debt. With the share prices of group companies falling rapidly on the bourses, the group is facing margin calls from banks to either expedite the sale of its insurance arm or sell more stakes in its operating firms, say bankers. The ongoing shutdown of retail outletswill further put pressure on the group as sales of operating companies fall, say analysts.

The total market capitalisation of the group’s listed firms fell to Rs 10,740 crore from Rs 42,000