Aankondiging • Aug 19
Central Bank of India Reportedly Nears Deal for FEL's Insurance Stakes Central Bank of India (NSEI:CENTRALBK)) is on the verge of acquiring Future Enterprises' (FEL) stakes in two insurance joint ventures, as the debt-ridden conglomerate undergoes insolvency proceedings. The state-owned bank is likely to take over Future Enterprises Limited (NSEI:FEL)'s 25% stake in Future Generali India Insurance Company Limited and a 33% stake in Future Generali India Life Insurance Company Limited according to people familiar with the matter. The acquisition comes as the bank seeks to increase its presence in the insurance sector, where it currently holds a minority stake. Lenders to Future Enterprises had divided the company's assets into three groups - insurance ventures, textile businesses and other residual stakes."Central Bank's bid has been accepted by the committee of creditors and will be announced this week," said a source. Italy's Generali, which owns 74% of the joint ventures, had wanted to partner with a public sector lender, which will help in expanding the distribution, said the source. The spokesperson of Central Bank and the resolution professional (RP) of Future Enterprises could not be reached for comment immediately. Central Bank has emerged as the frontrunner after outbidding several contenders, including Capri Global, JC Flowers and Authum. While Authum, Capri and JC Flowers had shown interest in acquiring all assets of Future Enterprises, Central Bank focused solely on the insurance stakes. Other than Central Bank, M Pallonji & Co., Kotak Alternate Asset and Globe Capital had all shown interest in the insurance stakes. Brescon Realty, Orissa Metaliks and Uniworth Finlease were among the bidders for the third cluster, which includes all the residual investments of the company, including the two manufacturing units at Tarapur in Palghar district of Maharashtra and Mahadevapura, a suburb of Bengaluru. Aankondiging • Jul 14
Reliance Retail, Jindal (India) and GBTL Make Offers to Acquire Future Enterprises Mukesh Ambani-owned Reliance Retail Ventures Limited, Naveen Jindal promoted Jindal (India) Limited and GBTL Limited submitted expressions of interest for acquiring Future Enterprises Limited (NSEI:FEL) under the corporate insolvency process, disclosures made by the debt-laden company to the stock exchange showed. The National Company Law Tribunal (NCLT) admitted Kishore Biyani's Future Enterprises for corporate insolvency on February 27 after a deal to sell the assets of Future Group in a slump sale to Reliance Industries collapsed. Reliance Retail Venture, a subsidiary of India's most-valued conglomerate Reliance Industries, had proposed acquiring Future Group assets. According to the agreement, 19 Future Group companies including Future Retail Future Lifestyle Fashions Future Consumer and Future Supply Chain would merge into FEL. Subsequently, by way of a slump sale, FEL would sell the retail and wholesale businesses including Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail & Fashion Lifestyle, and the logistics and warehouse business to Reliance Retail Ventures Ltd. The administrator, who has invited resolution plans from the EoI applicants by August 24, has admitted INR 122.65 billion of verified claims from lenders and INR 0.23 billion of claims from fixed deposit holders. Aankondiging • Oct 14
Future Enterprises Limited Announces Resignation of Bala Deshpande as Independent Director and Various Committees of the Board Future Enterprises Limited announced that Ms. Bala Deshpande as Independent Director has resigned from Board of Directors and various committees of the Board with effect from close of business hours on October 12, 2022, due to increase of work load in her other assignments. Aankondiging • Oct 13
Future Enterprises Limited Announces Executive Changes Future Enterprises Limited informed that, Mr. Deepak Tanna - Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company has resigned with effect from the closure of working hours of 11th October, 2022. Accordingly, he shall ceased to be the Company Secretary and Compliance Officer /KMP with effect from 12th October, 2022. Aankondiging • Sep 10
Future Enterprises Limited to Report Q4, 2022 Results on Sep 14, 2022 Future Enterprises Limited announced that they will report Q4, 2022 results on Sep 14, 2022 Aankondiging • Aug 17
Future Enterprises Limited Announces Resignation of Chandrapraksh Toshniwal as Non-Executive Director Future Enterprises Limited announced that, Mr. Chandrapraksh Toshniwal Non-Executive Director has resigned from Board of Directors and Committee of the Board with effect from August 16, 2022, due to occupational and personal commitments. After the aforesaid resignation and as per details available, Mr. Chandrapraksh Toshniwal holds directorship in Future Lifestyle Fashions Limited, listed entity. Further, the Company has received a confirmation from Mr. Chandrapraksh Toshniwal that apart from the abovementioned reason, there is no other reason for his resignation. Aankondiging • Aug 07
Future Enterprises Limited Announces Resignation of Bhagchand Baser as Deputy Chief Financial Officer Future Enterprises Limited announced that, Mr. Bhagchand Baser - Deputy Chief Financial Officer of the Company has resigned with effect from the closure of working hours of 5th August, 2022. Aankondiging • May 09
Future Reportedly Enterprises to Raise INR 30,000 Million from Insurance Biz Sale Future Enterprises Limited (BSE:523574) expects to raise around INR 30,000 million from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, according to industry sources. Earlier on May 5, 2022, Future Enterprises Ltd. completed the sale of its 25% equity in Future Generali India Insurance Company Ltd. (FGIICL) to joint venture partner Generali for INR 12,660.7 million. After this transaction, FEL will directly and indirectly continue to hold 24.91% shares in FGIICL. "Now in the next 30-40 days, they will sell the remaining 25% stake of the General insurance business for another INR 12,500 million to another entity," a source said. Besides, FEL is also planning to sell its 33.3% stake in its Life Insurance JV - Future Generali India Life Insurance Company Limited (FGILICL). "Also in separate deals remaining 33% stake of Life insurance business will be sold to Generali and separately to one more Indian entity for a little above INR 4,000 million," he said, adding after this the Kishor Biyani-led group firm would completely exit the insurance sector. From these exercises, FEL would raise nearly INR 29,500 million and will pay to its lenders, he added. Aankondiging • May 06
Generali Participations Netherlands N.V. completed the acquisition of a 25% stake in Future Generali India Insurance Company Ltd. from Future Enterprises Limited (BSE:523574) for approximately INR 12.7 billion. Generali Participations Netherlands N.V. agreed to acquire an additional 25% stake in Future Generali India Insurance Company Ltd. from Future Enterprises Limited (BSE:523574) for approximately INR 12.53 billion on January 26, 2022. The transaction is subject to, inter alia, receipt of applicable regulatory approvals, antitrust and other customary conditions, as mutually agreed between the parties. As on March 15, 2022, the transaction is approved by the Competition Commission of India. Metta Capital Advisors LLP acted as financial advisor and TriLegal Partners acted as legal advisor for Future Enterprises Limited. Alvarez & Marsal Holdings, LLC and Citigroup Inc. (NYSE:C) acted as financial advisors to Generali Participations Netherlands N.V. As of March 9, 2022. Future Enterprises gets court approval to divest insurance JV stake.
Generali Participations Netherlands N.V. completed the acquisition of a 25% stake in Future Generali India Insurance Company Ltd. from Future Enterprises Limited (BSE:523574) for approximately INR 12.7 billion on May 5, 2022. Aankondiging • Apr 06
Future Enterprises Limited Announces Board Changes Future Enterprises Limited informed that, Mr. Anand Chandrasekaran, Independent Director has resigned from Board of Directors and Committee of the Board with effect from April 04, 2022, due to increase of work load in recent role, he has taken in his present work profile. Company informed that, Ms. Malini Chopra, Independent Director has resigned from Board of Directors and Committees of the Board with effect from April 04, 2022, due to the heavy work-load in her other professional ventures. Aankondiging • Feb 09
Future Enterprises Limited to Report Q2, 2022 Results on Feb 14, 2022 Future Enterprises Limited announced that they will report Q2, 2022 results on Feb 14, 2022 Aankondiging • Mar 07
Future Enterprises Limited Announces Cessation of Mr. V. K. Chopra as Director Future Enterprises Limited announced that Mr. V.K. Chopra, Chairman & Independent Director of the company has completed his second term appointment as of an Independent Director upon attaining age of 75 years on March 5, 2021 and accordingly ceased to be a director of the Company with effect from said date. Aankondiging • Feb 14
Future Enterprises Limited Announces Appointment of Malini Chopra as an Additional Independent Director The meeting of Board of Directors of Future Enterprises Limited was held on February 12, 2021, based on the recommendation of Nomination and Remuneration Committee, Ms. Malini Chopra (DIN: 08195364) has been appointed as an Additional Independent Director on the Board of the Company with effect from February 12, 2021, for a term of five years. Approval of the Members of the Company for the said appointment shall be sought at the next Meeting of the Shareholders of the Company. Aankondiging • Feb 07
Future Enterprises Limited to Report Q3, 2021 Results on Feb 12, 2021 Future Enterprises Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Recent Insider Transactions • Jan 06
Insider recently sold ₹8.0m worth of stock On the 30th of December, Dinesh Maheshwari sold around 703k shares on-market at roughly ₹11.34 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹11m more than they bought in the last 12 months. Aankondiging • Jan 01
Future Enterprises Limited Announces Resignation of Dinesh Maheshwari as Chief Financial Officer Future Enterprises Limited announced that Mr. Dinesh Maheshwari, has resigned as the Executive Director and Chief Financial Officer of the Company with effect from the closure of the business hours on 31st December, 2020 who shall also consequently cease to be a "Key Managerial Personnel" of the Company. Aankondiging • Dec 11
Future Enterprises Limited to Report Q2, 2021 Results on Dec 16, 2020 Future Enterprises Limited announced that they will report Q2, 2021 results on Dec 16, 2020 Aankondiging • Dec 10
Future Enterprises Limited, Annual General Meeting, Dec 30, 2020 Future Enterprises Limited, Annual General Meeting, Dec 30, 2020, at 10:00 Indian Standard Time. Agenda: To receive, consider and adopt the Standalone and Consolidated Audited Financial Statements of the Company for the Financial Year ended March 31, 2020 together with the reports of the Board of Directors and of Auditors thereon; to appoint a Director in place of Mr. Kishore Biyani, (DIN: 00005740) who retires by rotation and being eligible, offers himself for re-appointment. Aankondiging • Nov 07
Future Enterprises Limited to Report Q2, 2021 Results on Nov 13, 2020 Future Enterprises Limited announced that they will report Q2, 2021 results on Nov 13, 2020 Is New 90 Day High Low • Oct 28
New 90-day low: ₹8.61 The company is down 45% from its price of ₹15.55 on 30 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: ₹10.08 The company is down 16% from its price of ₹11.95 on 14 July 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 19% over the same period. Aankondiging • Aug 31
Future Enterprises Limited (BSE:523574) entered into a scheme of arrangement to acquire an unknown stake in Future Consumer Limited (BSE:533400), Future Lifestyle Fashions Limited (BSE:536507), Future Market Networks Limited (BSE:533296), Future Retail Limited (NSEI:FRETAIL) And Future Supply Chain Solutions Limited (BSE:540798). Future Enterprises Limited (BSE:523574) entered into a scheme of arrangement to acquire an unknown stake in Future Consumer Limited (BSE:533400), Future Lifestyle Fashions Limited (BSE:536507), Future Market Networks Limited (BSE:533296), Future Retail Limited (NSEI:FRETAIL) And Future Supply Chain Solutions Limited (BSE:540798) on August 29, 2020. Under the terms of the transaction, Future Enterprises Limited will issue 18 fully paid up equity shares for every 10 fully paid up equity of Future Market Networks Limited, Future Enterprises will issue 9 fully paid up equity shares for every 10 fully paid up equity of Future Consumer Limited, Future Enterprises will issue 116 fully paid up equity shares for every 10 shares of Future Lifestyle Fashions Limited, Future Enterprises will issue 101 fully paid up equity shares for every 10 shares of Future Retail Limited and Future Enterprises will issue 131 fully paid up equity shares for every 10 shares of Future Supply Chain Solutions Limited. No shares would be issued upon merger of wholly owned subsidiary, Future Bazaar India Limited (FBIL) and its wholly owned subsidiary companies, pursuant to the scheme, since merging with holding company, Future Enterprises Limited. In related transactions, Future Enterprises Limited will transfer Logistics & Warehousing Undertaking to Reliance Retail Ventures Limited and Retail & Wholesale Undertaking to Reliance Retail and Fashion Lifestyle Limited and Future Enterprises Limited will undertake preferential allotment of equity shares and warrants to Reliance Retail and Fashion Lifestyle Limited. Upon completion, Future Market Networks Limited, Future Consumer Limited, Future Lifestyle Fashions Limited, Future Retail Limited and Future Supply Chain Solutions Limited will stand dissolved without winding up.
The transaction is subject to requisite approvals of the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India, Competition Commission of India and other statutory / regulatory authorities, including those from the shareholders and creditors of Future Enterprises Limited, Future Consumer Limited, Future Lifestyle Fashions Limited, Future Market Networks Limited, Future Retail Limited And Future Supply Chain Solutions Limited and applicable contractual approvals. The Board of Directors of Future Enterprises Limited, Future Consumer Limited, Future Lifestyle Fashions Limited, Future Market Networks Limited, Future Retail Limited And Future Supply Chain Solutions Limited approved the transaction on August 29, 2020. BSR & Associates LLP and BDO Valuation Advisory LLP acted as the valuers and ICICI Securities Limited acted as the fairness opinion provider in the transaction. JM Financial Securities acted as the advisor to Future Group promoters. Aankondiging • Aug 22
Future Enterprises Limited to Report Q4, 2020 Results on Aug 28, 2020 Future Enterprises Limited announced that they will report Q4, 2020 results on Aug 28, 2020 