Mumbai, Apr 7 (PTI) Shares of Future Retail rose by nearly 6 per cent today as asset management firm SSG Capital Management will acquire 40 per cent stake in Future Supply Chain Solutions from existing shareholders for Rs 580 crore.
Future Supply Chain Solutions (FSC) is a logistics company in which Future Retail holds 70.17 per cent stake. The stock gained 5.66 per cent to Rs 136.10 on BSE.
On NSE, it climbed 5.83 per cent to Rs 136. As per the deal, SSG Capital would acquire 14 per cent stake held by Future Retail Ltd (FRL) and its management team in FSC.
It would buy the rest 26 per cent from another minority shareholder SKC Ltd. Future Retail MD Kishore Biyani said, "It is a step towards our stated intent of optimal monetisation of some of the investments held by FRL (Future Retail).
FRL has followed a multi-pronged approach for strengthening its balance sheet and this partial monetisation of its stake in FSC is a step in this direction."