The Securities and Exchange Board of India (Sebi) has approved Reliance Retail’s acquisition of Future Group’s retail assets on Wednesday.
The BSE on Wednesday said, based on the comment offered by SEBI, it has no adverse observations on the listing or de-listing requirements and the company can file the scheme with National Company Law Tribunal (NCLT). As part of the deal, the retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The logistics and warehousing undertaking will be transferred to RRVL directly.
Despite exhortations by Amazon, markets regulator SEBI has approved the deal between Future Group and Reliance Industries. SEBI, in a letter issued on Wednesday, approved the deal subject to a number of conditions in the Composite Scheme of .
Updated Jan 20, 2021 | 23:05 IST
The Securities and Exchange Board of India in the letter stated that the Company shall ensure that as a part of the notice to shareholder seeking their approval on the scheme. SEBI approves Future Group-Reliance Industries deal
New Delhi: The Securities and Exchange Board of India (SEBI) on Wednesday granted approval to the deal between Kishore Biyani-led Future Group and Reliance Retail, an arm of the Mukesh Ambani-led Reliance Industries Limited. The market regulator, in its letter which approved the deal, listed a number of conditions in accordance to the Composite Scheme of Arrangement. Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities is subjected to lock-in for the remaining period post scheme, the regulatory body stated.