Future group stocks: Shares of Kishore Biyani-led Future Group companies saw a major fall on Monday. The company’s shares fell sharply by up to 20% in intra-day trade on the BSE. The shares of Future Retail have hit a lower circuit of 5% on the BSE. At the same time, shares of Future Lifestyle Fashions Ltd fell 19.89% to Rs 29.40, which is its 52 week low price. At the same time, shares of Future Supply Chain Solutions Ltd fell 19.96% to Rs 37.30. This is its lowest price ever. There is tremendous selling in all the listed shares of Future Group.
Actually, the reason behind this big fall is being seen after the cancellation of the deal between Mukesh Ambani’s company Reliance Industries (Reliance Industries Limited) and Future Group. Let us tell you that Reliance Industries Limited with Future Group. RIL has canceled its Rs 24,713 crore deal, announced by RIL on Saturday.
Shares of Future Group in Lower Circuit
Shares of Future Retail are stuck in the lower circuit of 5% on BSE. The company’s shares have fallen by 5% to Rs 27.80. It is very close to its 52 week share price of Rs 27.65. Shares of Future Enterprises Ltd are also in the lower circuit. The company’s shares have fallen 5% to Rs 13.32.
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The deal was worth 24 thousand crores
Reliance Industries on Saturday officially announced the cancellation of Kishore Biyani’s deal with the Future Group. Reliance Industries said in a communication to the stock exchanges that Future Retail Limited (FRL) and other Future Group companies have conveyed the outcome of the meetings held for approval of the deal. According to this, the deal has been accepted by a majority of shareholders and unsecured lenders but the offer has been rejected by secured creditors. In this situation the deal cannot be extended.
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The deal was done in the year 2020
Let us inform that in August 2020, Future Group had announced a merger agreement of Rs 24,713 crore with Reliance Retail Ventures Limited (RRVL), a Reliance Group company. Under this deal, Reliance Retail was to acquire 19 Future Group companies operating in retail, wholesale, logistics and warehousing segments. However, since the announcement of the deal, giant e-commerce company Amazon was opposing it.