Future Group companies shares hit new low amid shareholders, creditors approval on Reliance deal

Kishore Biyani- led Future Group companies’ shares extended their declining trend, with almost all Future Group listed companies trading in the red on Monday. Shares which ended negatively include Future Retail, Future Supply Chain and Future Lifestyle which traded at an all-time low.   

The group companies' stock slipped up to 9 per cent after the group informed exchanges that it has called for a meeting with their respective shareholders and creditors meetings on April 20 and 21 over approval of Rs 24,713-crore deal with Reliance Retail. 

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Future Retail, Future Supply Chain and Future Lifestyle Fashions’ shares touched their respective all-time lows of Rs 35.35, Rs 50.5, Rs 37.05 per share on the BSE intraday during Monday's sessions. In comparison, the S&P BSE Sensex was down 1 per cent at 57,286 points at around 03:10 PM. 

Future Retail shares slipped around 9 per cent intraday today and has tanked 16 per cent in the past two trading days. The stock has more-than-halved or shed 54 per cent from its 52-week high price of Rs 76.25 touched on June 16, 2021. 

The shares of Future Retail, Future Lifestyle Fashions and Future Enterprises have tumbled between 15 per cent and 21 per cent in the last one week as against 2.3 per cent rise in the S&P BSE Sensex. 

Future Retail said that it was committed to taking all actions necessary to seek value adjustments and reversal of takeover of stores by the Reliance Group. 

As per exchange filing, Future Enterprises, Future Retail, Future Consumer and Future Supply Chain, informed exchanges on Saturday, March 19, 2022, about dates and other procedures for the virtual meetings of shareholders and creditors.  

The meeting of the shareholders would be held on April 20 and to seek the approval of creditors would be held on the next day, April 21, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) said in an order passed by on February 28, 2022.