India's Heritage Foods jumps most in over 9 months on Future Retail stake sale

Heritage Foods

09/12/2020 06:24

** Shares of dairy products provider  HEFI.NS  rise as much
as 10.1% to 307.9 rupees, their biggest intraday pct gain since
Feb. 27
    ** HEFI sells entire holdings of 17.8 million shares in
e-commerce giant Amazon's  AMZN.O  estranged local partner
Future Retail  FRTL.NS   urn:newsml:reuters.com:*:nFWN2IO16F
    ** HEFI to get 1.32 billion rupees ($17.94 million)and
proceeds will be mainly used to repay term loans
    ** Amazon has accused Reliance Industries'  RELI.NS  $3.4
bln purchase of Future Group's retail assets to be in breach of
some pre-existing agreements with its partner  urn:newsml:reuters.com:*:nL4N2IB3MD
    ** HEFI touches highest level since Oct. 30
    ** Shares of HEFI down 22.9% this year as of last close

    

($1 = 73.5925 Indian rupees)

 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))