Future Consumer Enterprise to raise Rs 100 crore through NCDs

Kishore Biyani-led Future Group, plans to raise Rs 100 crore through issuance of secured non-convertible redeemable debentures (NCDs) on private placement basis, says a report in ET Retail.

 

In a BSE filing, Future Consumer Enterprise said: "The Committee of Directors of the company has at their meeting held on March 17, 2015, considered and approved issue of 1,000 secured non-convertible redeemable debentures of Rs 10 lakh each, aggregating to Rs 100 crore, on private placement basis."

 

These NCDs have been rated CARE A- by Credit Analysis & Research Ltd, the filing added.

 

The company has not specified reasons for its fund raising programme.

 

Last month, Future Consumer Enterprise fully acquired Aadhaar Wholesale Trading and Distribution by buying 30 per cent equity stake from Godrej Agrovet and Anamudi Real Estates LLP.

 

Prior to the deal, Aadhaar was a joint venture (JV) between Future Group and Godrej Agrovet Ltd. The Future Group owned 70 per cent stake in the company.

 

Aadhaar is positioned as a rural supermarket and currently has 40 stores in Gujarat and Punjab. Aadhaar also operates Cash and Carry store under the name Aadhaar Wholesale Market.