The board of Kishore Biyani led Future Lifestyle Fashions (FLFL) has approved issue of equity shares and compulsory convertible debentures (CCDs) on preferential basis, which will help the fashion retailer, raise nearly Rs 175 crore.
In a BSE filing, FLFL said, "The BoD has approved issue of 1,59,34,065 equity shares of face value of Rs 2 each at a price of Rs 91 per equity share aggregating to Rs 144.99 crore on preferential basis to Ryka Commercial Ventures Pvt Ltd, a member of the promoter group of the company".
The filing also said that board also approved issue of 32,96,700 compulsory convertible debentures (CCDs) of face value of Rs 91 each aggregating to Rs 29.99 crore on preferential basis to Arlette Infrastructure Pvt Ltd, also a member of the promoter group of the company.
The retailer added that each CCD will be convertible into one equity share of Rs 2 each as fully paid-up on April 1, 2015.
FLFL said it will convene an extraordinary general meeting on November 7, 2014, for obtaining shareholder approval for the same. (AR)
