Future retail to increase debt to Rs 650 crore
Debt-ridden Future Retail On May 23rd, its Board of Directors agreed to raise debt by issuing non-convertible debentures (NCDs) about Rs 650 crore. The NCD distributed in one or more tranches on a private placement basis, Future Retail reported in a BSE report.
“The Committee of Directors has also authorized to decide on matters and transactions regarding the aforesaid proposal for the issuance and allocation of NCDs including but not limited to the finalization and approval of terms and conditions of issue, a number of NCDs and time of issue from time to time,” stated the filing.
The funds will primarily use to replace the existing or short-term debt needs of the company. This move comes after Kishore Biyani, the promoter of Future Retail, struggled in March on credit and its stock price fell.
A number of rating agencies including Standard & Poor‘s and Fitch have reduced Future Retail’s credit ratings after default.
Future Retail operates more than 1500 stores in 400 cities covering 16 million square feet. It has large size stores: Big Bazaar, its flagship chain, EasyDay Club and Heritage Fresh, as well as small neighborhood major retailers.
Besides, on May 27th, the share price of Future Retail Ltd trading with the bullish trend. It trades with a gain of 3.65 points reached 77.05 INR with 4.97% up in NSE. Whereas in BSE, it trading with the same values.
Stock Market May 27th Update Sensex and Nifty
Stock Market May 27th: On the third day of the week, the stock market trading with the bullish trend. The Sensex traded with a gain of 1,022.15 points reached 31,631.45 level with 3.34% up. Whereas, Nifty traded with a gain of 294.70 points reached 9,323.75 level with 3.26% up.
In the border market, the S&P BSE Midcap traded with a gain of 65.39 points reached 11,471.97 level with 0.57% up. Whereas, S&P BSE SmallCap traded with a gain of 29.95 points reached 10,620.37 level with 0.28% up. At the same time, Nifty bank traded with a gain of 1,318.65 points reached 18,759.00 level with 7.56% up.
Top Gaining stocks: Axis Bank, ICICI Bank, Grasim Industries, Wipro, and Bajaj Finance Ltd.
Top Losing stocks: Sun Pharmaceutical Industries, UltraTech Cement, Shree Cement, Titan Company, and Asian Paints Ltd.