Future Lifestyle Fashions Ltd (FLFL) would transfer a section of its apparel marketing business, operated under the ‘Lee Cooper’ brand, to its indirect wholly-owned subsidiary Future Speciality Retail Ltd (FSRL). The deal has been approved by the Competition Commission of India (CCI).
FSRL is a wholly-owned subsidiary of Future Trendz Ltd (FTL), which is a wholly-owned subsidiary of FLFL. As part of the deal, FSRL would issue compulsorily convertible preference shares worth Rs 250 crore to FSRL CCPS Trust. Beacon Trusteeship Ltd is the trustee of the FSRL CCPS Trust.
In a tweet last week, the Competition Commission of India (CCI) said it has approved “acquisition of shares in Future Speciality Retail by Beacon Trusteeship”.
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