Announcement • 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. Announcement • 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. 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. 
