Future Enterprises Ltd to divest stake in Future Supply Chain Solutions Ltd through IPO

The Board of Directors, of Future Enterprises Ltd approved for the Offer for Sale of shares of its subsidiary company, Future Supply Chain Solutions Limited ('FSCSL'), and participation of the Company upto 5% of paid up capital of FSCSL.

FSCSL has informed the Company that it has filed the Draft Red Hearing Prospectus (DRHP) with the Securities and Exchange Board of India ('SEBI') for a public offer of up to 97,84,570 Equity Shares representing 25% of the existing issued and paid-up equity share capital of FSCSL for cash, through an Offer for Sale of up to 19,56,914 Equity Shares held by the Company in FSCSL representing up to 5% of the existing issued and paid-up equity share capital of FSCSL and 78,27,656 Equity Shares held by Griffin Partners Ltd. (other participating shareholder) in FSCSL representing up to 20% of the existing issued and paid-up equity share capital of FSCSL.

Shares of FUTURE Enterprises LTD. was last trading in BSE at Rs.43.8 as compared to the previous close of Rs. 42.9. The total number of shares traded during the day was 531456 in over 1882 trades.

The stock hit an intraday high of Rs. 44.7 and intraday low of 43.2. The net turnover during the day was Rs. 23376148.

Source : Equity Bulls

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