Future Retail hit an upper circuit of 5% at Rs 1005.35 after the media reported that Reliance Industries (RIL) is close to buying Future Group's retail assets for Rs 24,000-27,000 crore.
According to the media reports, the estimated deal value includes the liabilities of Future Group that Reliance plans to absorb. Five listed entities, including Future Retail, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks, will be merged into Future Enterprises (FEL) before the sale of the assets, reports added.With reference to the media report titled "RIL may buy Future Groups retail biz for 27,000 crore," Future Retail clarified to the bourses today that the management of the company continues to explore and evaluate various opportunities or associations in the interest the company and its stakeholders. At present, there is no such decision taken by the board of directors or any of its committees, which calls for dissemination of information or disclosure.
Shares of RIL were currently trading 0.58% higher at Rs 2168.40. It had traded in the range of 2152.20 and 2193.40 so far during the day.
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