The company said it "proposes to utilise the proceeds of the various fund raising options at least 75 per cent for its debt reduction program in addition to also fund its future growth."
Future Retail today said it will raise funds up to Rs 2,000 crore to pare debt and fund growth. "Board of Directors of the company have approved raising of funds up to Rs 2,000 crore...," the company said in a BSE filing.
Funds up to Rs 400 crore would be raised through issue of shares/warrants on preferential basis to investors and promoters and up to Rs 1,600 crore via issue of shares of different classes on rights basis, it added.
The company said it "proposes to utilise the proceeds of the various fund raising options at least 75 per cent for its debt reduction program in addition to also fund its future growth."
Also Read: Future Lifestyle & Fashions Q3 profit at Rs 93.39 cr
The company has a debt of approximately Rs 4,500 crore.
The Board of Future Retail has approved issue of 1,53,84,615 equity shares of Rs 2 each at a price of Rs 130 per share aggregating to Rs 199.99 crore on preferential basis to brand equity treaties ltd.
The company proposes to raise Rs 99.99 crore through issue of warrants (common share) and another Rs 100 crore from issue of warrants (having differential voting rights) to promoter group entity Future Corporate Resources Ltd respectively.
The Board has approved issue of equity shares up to Rs 1,600 crore to its existing shareholders on a rights basis.
Shares of Future Retail fell over 7 percent on the BSE to end at Rs 135 apiece.
Future Retail stock price
On June 03, 2014, Future Retail closed at Rs 124.85, up Rs 0.10, or 0.08 percent. The 52-week high of the share was Rs 149.90 and the 52-week low was Rs 63.30.
The company's trailing 12-month (TTM) EPS was at Rs 0.17 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 734.41. The latest book value of the company is Rs 143.34 per share. At current value, the price-to-book value of the company is 0.87.
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