Reliance Industries shares jump nearly 3%; Future Group stocks rally too

PTIUpdated: Monday, August 31, 2020, 01:22 PM IST
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New Delhi: Shares of Reliance Industries on Monday rose nearly 3 per cent after it announced the acquisition of Future Group's retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore.

The stock jumped 2.66 per cent to Rs 2,172 on the BSE. On the NSE, shares of the company gained 2.73 per cent to Rs 2,174. Future Retail zoomed 20 per cent to Rs 162.30 on the BSE, Future Enterprises gained 4.95 per cent to Rs 21.20 -- its upper circuit limit, Future Consumer 4.97 per cent to Rs 12.05 -- its highest trading permissible limit for the day.

Future Lifestyle Fashions also rose by 5 per cent to Rs 152.35 -- its upper circuit limit. "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore," the company said in a statement on Saturday.

Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory. While Reliance will take over Future Consumer Ltd, which sells food, home and personal care products, Future Group's financial and insurance business is not part of the deal.

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