A source said the board would also
look at the proposal to merge three other listed entities of the Future group
with FEL.
The board of Future
Enterprises is meeting on Saturday to take a call on raising of funds.
In a notice to the stock exchanges, the company said that the board of
directors would consider and evaluate proposals to raise funds by way of
issuance of bonds including debentures/non-convertible debt
instruments/securities and/or any other instruments / securities, including
through private placement or through any other permissible mode or any
combination thereof, as may be decided by the board.
A source said the
board would also look at the proposal to merge three other listed entities of
the Future group with FEL.
Once the merger is
completed, Reliance
Industries will invest Rs 8,500 crore to own 50 per cent stake in the
merged entity.
Global retail
giant, Amazon, which owns stake in one of Future group's companies will dilute
its stake and will not object to the transaction with RIL.
Reliance is
planning a separate transaction with Amazon, which may lead to no-compete
agreement between the two retail giants.
Both RIL and
Future did not comment on the merger proposal in the works.
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