Last Updated : Friday, August 23, 2019 19:30:53

FUTURE COUPONS (BIYANIS) ink share subscription pact with AMAZON

MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Mumbai headquartered Indian retailing major FUTURE GROUP company Future Retail Ltd (formerly Bharti Retail Ltd) said of one of its group companies and promoters Future Coupons Ltd having entered into share subscription and a shareholders’ agreement with retailing global giant

The statement as addressed by the company to the Indian Bourses – titled, ” Intimation for execution of a Share Subscription Agreement and Shareholders’ Agreement by a group company” read that, we have been informed by Mr. Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons Limited (Promoters) that they have entered into a share subscription agreement and a shareholders’ agreement with Amazon.Com NV Investment Holdings LLC (Amazon).

Pursuant to these agreements, Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49% stake comprising both, voting and non-voting shares.

As part of the agreement, Amazon has been granted a call option.

This call option allows Amazon to acquire all or part of the Promoters’ shareholding in Future Retail Limited (Company), and is exercisable between the 3rd to 10th  years, in certain circumstances, subject to applicable law.

The Promoters have also agreed to certain share transfer restrictions on their shares in the Company for same tenure, including restrictions to not transfer shares to specified persons, a right of first offer in favour of Amazon, all of which are subject to mutually agreed exceptions (such as liquidity allowances and affiliate transfers).

The transaction contemplated above is subject to obtaining applicable regulatory approvals and customary closing conditions.


FacebookGoogle+LinkedinTwitterYouTube, Blogspot, Telegram, Instagram 


Do NOT follow this link or you will be banned from the site!