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Promoters’ stake in listed entities of the troubled Future Group has fallen since 2017, mostly falling after 2020, as the companies gradually slipped into a debt trap.
In 2020, Future Group entered into an agreement with Reliance Retail, a subsidiary of Reliance Industries ,RIL), to sell its retail, logistics and warehousing businesses for Rs 24,713 crore. The group was hoping to use the money to reduce its debt. However, after the US e-commerce company, the deal got stuck in legal trouble. heroine Opposed the plan, citing the 2019 agreement with Future Group.
Since then, promoters’ stake in group companies has declined.
For example, Future Capital Investments holds approximately 37.98% stake in future consumer As of March 2017, that increased to 43.03% by the end of FY20, and subsequently fell to 6.19% by March 2022.
Just like that, Future EnterprisesAccording to data sourced from corporate data tracker, primeinfobase.com, the stake in Future Consumer fell to zero in March 2022 and March 2020, from 9.02% as of March 2017.
Similarly, the share of Central Departmental Stores in Future Enterprises declined to 10.90% as of March 2022, from 44.59% in March 2020 and 40.12% as of March 2017. Raika Commercial Ventures, a promoter Future Lifestyle FashionIts share is 18.39% as of March 31, 2022, 37.39% in March 2020 and 54.88% in March 2017, the data showed.
Similarly, Future Corporate Resources (formerly Suhani Trading & Investment Consultants) holds a 4.47% stake. Future Retail Till March 31, 2022. This was compared to Future Corporate Resources holding 33% as of March 2020 and 38.40% as of March 2017. However, Future Corporate Resources’ stake in Future Market Network March 2022 was steady at 71.47% compared to two years ago, while it stood at 26.96% in March 2017.
In future supply chain solutionsRitvika trading stood at 21.95% as of March 2022, as against 46.75% as of March 2020.
“The decline in stakes is mostly due to pledged shares by the lenders and transfer of shares to other holding companies,” said an analyst tracking some of the Future Group companies.
Kishore Biyani’s daughter Ashni Biyani’s stake in Future Retail declined to 0.01% by March 2022 and March 2020, from 0.02% in March 2017. However, Kishore Biyani had a stake in Future Lifestyle, another daughter Avni Biyani. Fashion was stagnant from 2017 at 0.01%.
An insolvency petition filed by Bank of India (BoI) before the Mumbai bench of the National Company Law Tribunal (NCLT) is set to come up for hearing again on Monday.
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