New Delhi : Future Group’s food firm Future Consumer Enterprise today said it plans to raise around Rs 368 crore from promoters and PE fund Black River Food 2 Pte Ltd to finance its various expansion plans and business initiatives.
The company in a filing to the BSE said that its board has approved raising “USD 45 million (about Rs 301.5 crore)” through preferential issue of equity-linked securities to Black River Food 2 Pte Ltd. The food company will issue compulsorily convertible debentures (CCDs) of face value Rs 100,000 per CCD to Black River Food 2 Pte Ltd, a wholly owned subsidiary of Food Fund.’
The board in its meeting held on December 26 also approved entering into a master franchisee arrangement with Future Retail Ltd whereby convenience stores network primarily comprising of ‘KB’s Fair Price’, ‘KB’s Conveniently Yours’, ‘Big Apple’ and ‘Aadhaar’ will be operated by FRL.
