Close on heels of a group of lenders who account for most of the loans to Future Group rejecting the slump sale proposal to sell its retail, wholesale and logistics assets to Reliance Retail Ventures Limited after the Reliance Industries Limited (RIL) unit cut the deal value, RIL has now called off the proposed Rs. 24,731 crore deal with Future Retail.
Media reports maintained this adding RIL in a filing with the stock exchanges has, reportedly, underlined that voting on the scheme of arrangement by their shareholders and creditors at their respective meetings was held and the Future Group companies and other listed companies involved in the scheme have intimated the result of the voting even as it went on to add that although the shareholders and unsecured creditors of FRL have voted in favour of the scheme, the secured creditors have voted against it.
“….in view thereof, the subject scheme of arrangement cannot be implemented,” reportedly, claimed RIL.
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.
