Today, Future Retail (Future retailAn important meeting of the shareholders of) is going to be held. In today’s meeting Reliance and Future Group (Reliance Future Group dealMeanwhile, a decision on Rs 24,713 crore deal is yet to be taken. Creditors meeting is scheduled for April 21. Amazon has opposed the meeting. However, it has been clarified by Future Retail that the shareholders’ meeting is being held on the instructions of NCLT. According to the Economic Times, Future Group wants 45 percent of its debt RelianceBe transferred to Future Group has a total debt of Rs 28,921 crore on 19 companies. The loan amount is till 31st January 2022. Future Group pays Rs. 12612 crore loan transfer.
The lenders, the banks, are confused about the Future Group’s proposal, as the banks did not know that the offer belonged to Reliance and that the Future Group itself had made the offer. People involved in the matter say that Reliance Retail wants to acquire Future Group on the terms of August 2020. In such a situation, there is an atmosphere of suspicion in banks regarding loans.
12612 crore loan will be transferred to Reliance
Future Group has a total debt of Rs 28,921 crore. Out of this, it wants to transfer Rs 12,612 crore loan to Reliance. It wants to pay the remaining Rs 16,309 crore in separate installments. The loan will repay Rs 5,653 crore from assets sold by Reliance.
Loan repayment proposal
According to the report, Future Group will adjust the loan to Rs 4,000 crore. The Rs 2,755 crore loan will be repaid by selling its stake in Future Group Insurance Company. 3500 crore debt will be converted into equity. Future Group will repay a total debt of Rs 8,196 crore over the next 7.5 years.
More than half of the stores are owned by Reliance
In fact, Reliance Retail is capturing Future Retail outlets. It has so far occupied 946 stores out of 1500. According to Quint, State Bank of India has opposed this. SBI says banks have full right to control Future Group stocks and assets
Future Group plans to sell to 19 companies
Meanwhile, today and tomorrow is an important meeting of the Future Group. Let me tell you that in August 2020, Reliance announced the acquisition of 19 Future Retail companies for Rs 24,713 crore. The case is pending in various courts around the world due to Amazon’s opposition and the deal has yet to be struck. As per the August 2020 deal, Future Group will merge its 19 companies, including its logistics and warehouse business. Following the merger of these companies, Future Enterprise Limited will be formed which will be sold to Reliance Retail.
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