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In yet another bet on retail sector, Premji Invest, the family office of billionaire IT tycoon Azim Premji, will pick up 10% stake in Kishore Biyani co-promoted Future Lifestyle Fashions (FLF) for around Rs 125 crore.
FLF today said that it will issue 15.5 million shares to PI Opportunities Fund-1 at Rs 80.5 apiece on a preferential basis, which is 16% discount to today's close of Rs 93.40.
Future group, which owns 56.7% stake in FLF, will pick up 3.1 million shares and 18.6 million compulsorily convertible debentures at Rs 80.5 apiece through its arm Ryka Commercial Ventures. Together, it will invest Rs 175 crore in the company. Kishore Biyani did not respond to calls on the subject.
Premji Invest earlier picked up stakes in Trent, Fabindia and Koutons. It recently invested $50 million in e-commerce portal Myntra.com.
FLF shares ended the day at Rs 93.4, which was 3.21% down from the previous close.
