Future group firm Future Lifestyle Fashions has made Mineral Fashions Private Ltd (MPFL) its subsidiary firm by raising its stake in the latter to 52.44 per cent.
Future Lifestyle, which earlier had 49.62 per cent stake in MPFL, increased stake by 2.82 per cent by converting compulsorily convertible debentures of the company held by it, the company said in a BSE Filing.
"The Company has further increased its equity stake from 49.62 per cent to 52.44 per cent in the paid-up capital of MFPL upon conversion of compulsorily convertible debentures of MFPL held by the company, into equity Shares of MFPL on April 1, 2016," Future Lifestyle said.
It further said: "Consequently, MFPL has become subsidiary of the company with effect from April 1, 2016".
MFPL manufactures and sells cloth and fashion accessories under the brand Mineral.
Shares of Future Lifestyle today settled at Rs 79.15 on BSE, down 0.44 per cent from previous close.
