India's Future Group stocks rise as retail deal with Reliance nears

Future Lifestyle Fashions

28/08/2020 06:25

** Future Group stocks  FURE.NS   FRTL.NS   FTRE.NS 
 FUTE.NS   FLFL.NS  rise between 3.5% and 6.3%
    ** Future Enterprises  FURE.NS  is set to finalise the sale
of the group's retail business to Mukesh Ambani-led Reliance
Industries'  RELI.NS  retail arm on Saturday, the Economic Times
reported  urn:newsml:reuters.com:*:nL4N2FU0Z3
    ** Deal is valued at about 290-300 bln rupees ($3.92-$4.06
bln), report says, adding that Reliance will take on Future
Group's debt and liabilities and pick up a minority stake in its
consumer arm
    ** Future Group and Reliance did not immediately respond to
Reuters' requests for a comment
    ** Future Enterprises said earlier this week it would meet
Saturday to consider proposals to raise funds via bond issue
    ** Shares of Future Enterprises rise as much as 5% to 20.1
rupees, their highest since March 12; Future Retail  FRTL.NS 
climbs 6.3% to an eight-week high of 138.35 rupees
    ** Future Enterprises shares down ~12% YTD, vs a 51%-68%
drop in other Future Group stocks

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))