New Delhi, Jan 27: Debt-ridden Future Group has announced that it will sell its 25 per cent equity in Future Generali India Insurance Company Limited (FGIICL) to its JV partner Generali for a cash consideration of Rs 1,252.96 crore as part of its asset monetisation plans to pair debts. Besides, Generali has also acquired an option to buy out the Future Enterprises Limited’s (FEL) remaining interest in FGIICL, which operates in the general insurance business, said a late-night regulatory filing […]
Loans given to the group were restructured under the one-time restructuring window permitted during the Covid crisis in December 2020. With the moratorium period provided under this scheme coming to an end on Dec. 31, 2021, lenders need Future Group to start repaying its principle and interest dues.
The problem is that the financial position of the group may not permit it to regularise payments just yet and a sale of assets to pay the dues has been complicated by an ongoing legal tussle between Amazon Inc. and Future Group.
Future Retail share fell over 4% today after the firm reported widening of its consolidated net loss in the June quarter. Future Retail stock has lost 4.3% in the last 2 days. Future Retail stock opened with a loss of 4.17% at Rs 47.10 against previous close of Rs 49.15 on BSE.