The stock-and-cash deal will be completed in three to five months, Future Retail said in a stock exchange filing. Future Retail will allot 9.310 million shares of Rs2 face value to HyperCity Retail’s 15 shareholders at Rs535 per share on a preferential basis. The remaining Rs155 crore will be paid in cash, Future Retail said in the exchange filing. Once the deal is completed, HyperCity Retail will become a wholly owned subsidiary of Future Retail Ltd, Future Retail said. As of 31 March, HyperCity Retail had a net worth of Rs11.45 crore and annual sales of Rs1,191 crore.

Source: Mint October 05, 2017 16:07 UTC