Future Lifestyle To Raise Rs 500 Crore From Market
Future Lifestyle Fashions plans to raise Rs 500 crore from the domestic or overseas market on a private placement basis to bankroll its fashion retail business growth.
The company is due to pass a special resolution at its annual general meeting scheduled for August 29 to raise the amount by issuing non-convertible debentures.
The funds are to be borrowed in Indian or foreign currency by issue of debt instruments for an amount of up to Rs 500 crore in domestic or overseas market, it said in a regulatory filing.
“Considering growth of the fashion retail business and requirements of funds for operations, the company needs to raise additional funds in one or more tranches by issuing NCDs, bonds and/or debt instruments,” the company said.