Shares of Future Group companies on Monday confronted heavy drubbing, tanking as much as 20 per cent, after Reliance Industries stated its Rs 24,713-crore deal to accumulate Future Group’s property can’t be applied after secured collectors of the Kishore Biyani-led corporations voted in opposition to the proposal.
The inventory of Future Consumer plummeted 19.91 per cent, Future Supply Chain Solutions slipped 19.96 per cent, Future Lifestyle Fashions 19.89 per cent, Future Enterprises tumbled 9.87 per cent and Future Retail fell 4.96 per cent on the BSE.
Shares of Reliance Industries additionally dipped 1.75 per cent.
In a regulatory submitting, Reliance stated Future Group corporations comprising Future Retail Limited (FRL) and different listed corporations concerned within the scheme have intimated the outcomes of the voting on the scheme of association by their shareholders and collectors at their respective conferences.
“… The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” stated RIL, whereas updating on the scheme of association for the switch of retail and wholesale enterprise and the logistics and warehousing enterprise of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).
Though the shareholders and unsecured collectors of FRL have voted in favour of the scheme, it added.
Several listed Future Group entities – FRL, Future Enterprises, Future Market Networks Ltd, Future Consumer, Future Supply Chain Solutions Ltd and Future Lifestyle Fashions Ltd – of their respective regulatory filings on Saturday additionally stated the composite scheme of association with Reliance Group entities now can’t be applied because of the final result of the voting.
