A group of lenders, who account for most of the loans to Future Group, has rejected the slump sale proposal to sell its retail, wholesale and logistics assets to Reliance Retail Ventures Limited after the Reliance Industries Limited unit cut the deal value.
Media reports maintained this citing various sources.
People in know of things, reportedly, maintained the lenders rejected the deal as not only did Reliance lower the offer from Rs. 24,713 crore agreed in 2020, but it also, reportedly, attached several riders that need to be met for the deal to happen even at the new value.
An unnamed source speaking to the media, reportedly, said lenders have discussed the matter and rejected the offer.
“…there are also some gaps in the way payments to lenders are structured as part of the deal,” reportedly, claimed the source while adding the lenders are not in favour of approving it.
It may be mentioned here that in August 2020, Reliance Retail agreed to buy Future Group’s retail, wholesale, logistics and warehousing assets for Rs. 24,713 crore, on a slump sale basis.
