IFCI invokes promoter Kishore Biyani's stake in two Future companies

Biyani stake in group companies falls steadily

Delhi-based lender IFCI has invoked Future group promoter Kishore Biyani’s shares in Future Retail and Future Consumer after the companies failed to repay their loans to the lender.

IFCI requested the Future group to expedite repayment of loans, though it was part of the consortium of banks, which had agreed to a one-time restructuring (OTR) early this year. After the Future group could not make any repayment outside of the OTR, the lender invoked the shares and sold it in the markets, said a banking source. 

According to the filings made to the stock exchanges, post-invocation, the promoter’s stake in group flagship,