Letting go of most of its early gains, shares of Future Retail ended with over 1 per cent gains today, in line with an overall weak broader market.
The stock during the day gained 5.66 per cent to Rs 136.10 on the news that asset management firm SSG Capital Management will acquire 40 per cent stake in Future Supply Chain Solutions (FSC) from the existing shareholders for Rs 580 crore.
FSC is a logistics company, in which Future Retail holds 70.17 per cent stake.
The stock later witnessed some profit-booking and ended at Rs 130, up 0.93 per cent, on BSE.
On NSE, it gained 1.2 per cent to close at Rs 130.05.
On the volume front, 1.16 lakh shares of the company changed hands at BSE and over 9 lakh at NSE during the day.
The broader market BSE Sensex closed at 24,685.42, down 215.21 points.
As per the deal, SSG Capital will acquire 14 per cent stake held by Future Retail (FRL) and its management team in FSC. It will buy the rest 26 per cent from another minority shareholder, SKC.
Future Retail MD Kishore Biyani said, "It is a step towards our stated intent of optimal monetisation of some of the investments held by FRL (Future Retail). FRL has followed a multi-pronged approach for strengthening its balance sheet and this partial monetisation of its stake in FSC is a step in this direction.
