 "Future group")
Kishore Biyani-led Future Lifestyle Fashions Limited has agreed to pick a 29.9 per cent stake in fashion e-tailer Koovs plc. This comes after Wal-Mart announced a deal to buy a significant stake in e-tailer Flipkart and Biyani questioning e-commerce business models.
Koovs will issue 57,876,600 new ordinary shares to Future Lifestyle at a price of 10 pence apiece, representing 24.8 per cent of its enlarged issued share capital, for £5,787,660 (Rs 525 million, $7.6 million). Two representatives Future Lifestyle will join Koovs' Board of Directors in due course.
In addition, Koovs today also announced the formal opening of a bookbuild to raise
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