L Catterton Asia to buy 10% in Future Lifestyle

Most Expensive Movie Sets In Bollywood
05/21/2018
RED Hydrogen One Android Smartphone Hands-on Preview
RED Hydrogen One Android Smartphone Hands-on Preview
05/21/2018

L Catterton Asia to buy 10% in Future Lifestyle

L Catterton Asia to buy 10% in Future Lifestyle


Singapore-based private equity firm L Catterton Asia has agreed to buy 10% stake in Future Lifestyle Fashions Ltd. (FLFL) through a combination of preferential allotment and secondary purchase of shares in a deal worth more than ₹800 crore.

Last week, the board approved issue of 38.22 lakh shares (of face value of ₹2) at a price of ₹445.5 per share on a preferential basis to L Catterton’s wholly-owned firm Spectacular Investment Pte, which represented 2% stake.

On Monday, Spectacular Investment bought Future Lifestyle Fashions Ltd. shares worth about ₹676.4 crore from the open market, according to block deal data on BSE. Promoter firms of Future Lifestyle and PremijiInvest had offloaded some stake in the transaction.

Fashion destination

“We are well positioned as the preferred fashion destination in India and with L Catterton’s pedigree and fashion expertise, we will continue to be a trendsetter through our collective deep understanding of culture, style code, passion and aspirations of Indian consumers. This investment reinforces FLFL’s position as India’s leading lifestyle fashion company,” said Kishore Biyani, founder and chief executive officer, Future Group, in a statement.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *